Bank of America's Financial Results Exceed Expectations
Bank of America (BAC) has reported its third-quarter financial results, surpassing Wall Street's forecasts on both the top and bottom lines.
The bank announced earnings per share (EPS) of $1.06 U.S., exceeding the expected $0.95 U.S., with a 23% increase in profit from the previous year.
Revenue for the quarter totaled $28.24 billion U.S., ahead of the anticipated $27.50 billion U.S., representing a 10.8% increase from the same period last year.
The strong results were largely attributed to investment banking activity, with initial public offerings (IPOs) and mergers and acquisitions (M&A) returning to Wall Street.
- Investment banking fees surged 43% to $2 billion U.S., exceeding analyst expectations by $380 million U.S.
- Equity trading revenue increased 14% to $2.3 billion U.S., exceeding expectations by $200 million U.S.
- Fixed income trading rose 5% to $3.10 billion U.S.
Stock trading also contributed to the strong quarterly results.
Author's summary: Bank of America's Q3 results beat expectations.