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 problem of debanking on Thursday, February 13, 2025.
Tom Williams | Cq-roll Name, Inc. | Getty Photographs
Financial institution of America on Wednesday posted third-quarter outcomes that exceeded analysts’ expectations on stronger-than-expected funding banking income.
This is what the corporate reported:
- Earnings per share: $1.06 vs. 95 cents anticipated, based on LSEG
- Income: $28.24 billion vs. $27.5 billion anticipated, based on 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 gained 4% Wednesday. They’ve climbed virtually 19% to this point this 12 months.
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 robust positive factors in buying and selling and funding banking income through the third quarter on heightened exercise amongst each institutional buyers and companies trying to purchase corporations or elevate 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 development, each line of enterprise reported prime and bottom-line enhancements,” CEO Brian Moynihan mentioned within the earnings launch. “Robust mortgage and deposit development, coupled with efficient steadiness sheet positioning, resulted in report web curiosity revenue.”
This story is growing. Please verify again for updates.
