Big banks report earnings this week video.foxbusiness.com/v/6277074576001/?playlist_id=3166411554001 @MorningsMaria @FoxBusiness
Strong earnings from $BAC and other banks are helping to lift the market today. Solid results from Dow component $UNH are a plus too. Investors are also cheering the drop in jobless claims filing. My story. cnn.it/3BHz2UH
Bank CEOs on the way to their earnings calls this morning. pic.twitter.com/YcwbskDXrQ
Happy Thursday. Turkish lira, more UK energy suppliers go under, inflation, worker shortage & bank earnings. Our top stories today. #FromFrancinesDesk pic.twitter.com/lGHNivxY09
14 October, 2021 - 07:31am
Bank of America reported quarterly earnings of 85 cents per share, which beat the estimate of 71 cents per share. The company reported quarterly revenue of $22.8 billion, which beat the estimate of $21.78 billion.
"We reported strong results as the economy continued to improve and our businesses regained the organic customer growth momentum we saw before the pandemic. Deposit growth was strong and loan balances increased for the second consecutive quarter, leading to an improvement in net interest income even as interest rates remained low," said Brian Moynihan, chairman and CEO of Bank of America.
Bank of America is one of the largest financial institutions in the United States, with more than $2.5 trillion in assets.
BAC Price Action: Bank of America has traded as high as $44.87 and as low as $23.12 over a 52-week period.
The stock was up 2.85% at $44.36 at time of publication.
Jobless claims fell to a new pandemic low, and the latest inflation data came in weaker than expected.
The investment bank earned $3.7 billion, or $1.98 a share, on revenue of $14.8 billion in the third quarter, beating both top- and bottom-line estimates.
Megabanks all beat earnings forecasts as economy rebounds from COVID impact, with Morgan Stanley a standout with its investment banking gains amid brisk capital raising and M&A activity.
(Reuters) -Bank of America Corp beat estimates for third-quarter profit on Thursday, boosted by strong growth across its businesses which executives said they expected to continue next quarter. Bank of America's NII hit a low in the third quarter last year, but executives said they were optimistic it would continue to rise this year and next. "We are expecting modest NII growth from the third quarter to the fourth quarter," the bank's Chief Financial Officer Paul Donofrio said.
(Bloomberg) -- Wells Fargo & Co. beat analysts’ expectations for third-quarter profit as Chief Executive Officer Charlie Scharf makes progress on his turnaround efforts, but shares declined as expenses were higher than anticipated and loans fell. Most Read from BloombergThe World’s Rich and Powerful Are Stashing $500 Billion in This Tax HavenWhat Comes After GE’s 129 Years of Greenhouse GasWhat the Front Line of the U.S. Abortion Fight in Kentucky Looks Like NowThe bank reported net income rose
Citigroup stock was fluctuating after the bank posted third-quarter earnings that topped analysts’ expectations. Citigroup (ticker: C) reported an adjusted profit of $2.15 a share on revenues of $17.2 billion, beating forecasts for $1.71 a share on revenues of $16.9 billion. Boosting profits was a $1.16 billion release of loan loss provisions as economic conditions improved.
Bank of America Corp beat estimates for third-quarter profit on Thursday, boosted by strong growth across its businesses which executives said they expected to continue next quarter. Bank of America's NII hit a low in the third quarter last year, but executives said they were optimistic it would continue to rise this year and next. "We are expecting modest NII growth from the third quarter to the fourth quarter," the bank's Chief Financial Officer Paul Donofrio said.
Bank of America said net income rose 58% to $7.26 billion, or 85 cents a share. Both banks benefitted from being able to reverse some funds set aside early in the pandemic in case of loan defaults. Wells and BofA's results echoed Wednesday's results from JPMorgan Chase, which also saw its profits rise sharply last quarter due to the release of more loans from its troubled loan portfolio.
Wells Fargo’s third-quarter outpaced expectations thanks to a release of reserves for anticipated soured loans.
The bank’s quarterly profit beat analyst expectations, lifted by a release of funds it had set aside for potential loan losses during the pandemic, but revenue fell 2%.
Bank of America, Morgan Stanley, Citigroup and Wells Fargo earnings were better than expected early Thursday.
Plug Power Inc (NASDAQ: PLUG) is trading higher Wednesday after the company announced a strategic partnership with Airbus to study the feasibility of bringing green hydrogen to future aircraft and airports worldwide. “We’ve already revolutionized electric trucks and industrial fleets on the ground, so now we’re turning our sights to the skies,” said Andy Marsh, CEO of Plug Power. "Not only do we envision a future where aircraft everywhere are powered by green hydrogen, but the airports that serv
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Charlotte's largest banks are set to report third-quarter earnings this week. Here's what to expect.
(Bloomberg) -- Leveraged-loan investors won a major concession in the first-ever U.S. deal to fully use the Secured Overnight Financing Rate, a change boosting their long-run earnings from interest on the transaction, according to a person with knowledge of the matter.Most Read from BloombergThe World’s Rich and Powerful Are Stashing $500 Billion in This Tax HavenWhat Comes After GE’s 129 Years of Greenhouse GasWhat the Front Line of the U.S. Abortion Fight in Kentucky Looks Like NowThe loan for
Wall Street found a lot to like in Bank of America ‘s earnings release Thursday as third-quarter results helped push its stock higher. “We reported strong results as the economy continued to improve and our businesses regained the organic customer growth momentum we saw before the pandemic,” Brian Moynihan, chairman and chief executive, said in a statement. Bank of America (ticker: BAC) is the second of the big banks to report results.
President Joe Biden on Wednesday pushed to ease supply chain logjams that are threatening the all-important U.S. holiday shopping season. A port in Los Angeles will join Long Beach, California, to expand around-the-clock operations, the White House said. Consumer goods makers, delivery companies and retailers - which make most of their annual revenue in the last quarter of the year - put their weight behind the shift, meeting virtually with Biden and promising stepped-up operations.
The four largest U.S. consumer banks posted another strong quarter this week as the rebounding economy allowed them to release more cash they had set aside for pandemic losses, while sizzling deals, equity financing and trading also boosted their bottom lines. JPMorgan Chase, Citigroup, Well Fargo and Bank of America Corp, seen by analysts and economists as bellwethers of the broader economy, reported a combined profit of $28.7 billion for the third quarter, beating analyst estimates. With the national vaccination roll-out allowing Americans to get back to work and resume socializing after 19 months of pandemic-related business closures and travel restrictions, consumer spending has boomed, the banks said.
Futures rose solidly after the major indexes closed near highs Wednesday. AMD headlined 5 stocks making bullish moves.