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Brian Moynihan, CEO of Financial institution of America, leaves the U.S. Capitol after a gathering with Republican members of the Senate Banking, Housing and City Affairs Committee on the difficulty of debanking on Thursday, February 13, 2025.
Tom Williams | Cq-roll Name, Inc. | Getty Pictures
Financial institution of America on Wednesday posted third-quarter outcomes that exceeded analysts’ expectations on stronger-than-expected funding banking income.
Here is what the corporate reported:
- Earnings per share: $1.06 vs. 95 cents anticipated, in accordance with LSEG
- Income: $28.24 billion vs. $27.5 billion anticipated, in accordance with LSEG
The second-largest U.S. financial institution by property mentioned revenue rose 23% from a 12 months earlier to $8.5 billion, or $1.06 per share. Income elevated 10.8% to $28.24 billion.
Shares of the financial institution had been up virtually 5% in premarket buying and selling. They’ve climbed roughly 14% this 12 months as of Tuesday’s shut.
Like its friends, Financial institution of America’s Wall Road companies helped gas the quarter’s outcomes.
Banks together with JPMorgan Chase and Goldman Sachs reported sturdy good points in buying and selling and funding banking income through the third quarter on heightened exercise amongst each institutional traders and firms trying to purchase corporations or increase capital.
Financial institution of America mentioned funding banking charges surged 43% from a 12 months earlier to $2 billion, about $380 million greater than analysts surveyed by StreetAccount had anticipated.
Equities buying and selling additionally contributed to the quarterly beat; income there rose 14% to $2.3 billion, roughly $200 million greater than the StreetAccount estimate.
Fastened revenue buying and selling rose 5% to $3.1 billion, matching expectations.
Financial institution of America additionally benefited from an improved outlook round credit score losses within the quarter. The corporate mentioned its provision for credit score losses fell about 13% to $1.3 billion, which is under the $1.58 billion StreetAccount estimate.
Web curiosity revenue rose 9% to $15.39 billion, about $150 million greater than the StreetAccount estimate.
“With continued natural progress, each line of enterprise reported prime and bottom-line enhancements,” CEO Brian Moynihan mentioned in an earnings launch. “Robust mortgage and deposit progress, coupled with efficient steadiness sheet positioning, resulted in report internet curiosity revenue.”
This story is growing. Please verify again for updates.
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