Earnings Reports

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Bank of America reported better than expected fourth quarter earnings before the bell Wednesday. $BAC followed JPMorgan Chase $JPM. Wells Fargo $WFC, PNC Financial $PNC and Citigroup $C reports. The bank benefited from rate leverage with higher rates.

Bank of America Mortgage

Bank of America Corporation NYSE: BAC Report Earnings Before Open Wednesday

$0.70 Beat $0.63 EPS Forecast AND $22.7 Beat $22.28 Billion Forecast in Revenue 

Earnings 

Bank of America Corp. (NYSE: BAC) released Q4 earnings before the market Wednesday with an EPS of 70 cents on revenue of $22.7 billion beating the 4Q adj. EPS est. expected at 63c (range 59c to 67c) 4Q on revenue net of interest expense est. $22.36b (range $22b to $22.90b). Estimates were for for 4Q total trading revenue of  $2.64b with equities $1.01b.  FICC seen at$1.64b and I-banking rev. est. $1.23b 4Q.  (Breakdown below)

Analysts expected net interest yield of 2.44% 4Q and the provision for credit losses of. $938.7m. BAC is seen benefiting more than most with it's gigantic asset base a with the Fed funds rate higher,

Analysts have cut estimates for Goldman, Bank of America Corp., JPMorgan Chase & Co., Citigroup Inc., Morgan Stanley, and Wells Fargo & Co. by an average of 8.1 percent since the last quarter’s earnings reports. Goldman's estimates were cut by 27 percent.

Bank of America Corporation NYSE: BAC

Market Reaction: Pre-market $28.10 +1.55 (+5.82%)

Highlights

  • Consumer banking revenue increased 10% to $9.88 billion, led by higher rates as well as deposit and loan growth.
  • Wealth and investment management revenue grew 7% to $4.99 billion.
  • Global banking revenue edged up 1% to $5.05 billion.
  • Fixed income trading revenue dropped 15% to $1.4 billion
  • Equities trading revenue rose 11% to $1.1 billion.

BAC Q4 2018 earnings

"Through the trillions of dollars of consumer transactions we process and from the steady confidence and activity of our small business and commercial clients, we see a healthy consumer and business climate driving a solid economy," Chairman and CEO Brian Moynihan said. "Each of our businesses faces opportunities to grow even more."

Bank of America Q3 Earnings Recap

$0.66 Beat Forecast $0.62 EPS AND $22.78 Billion Beat  $22.67 Billion Forecast in Revenue 

Earnings 

Bank of America Corp. (NYSE: BAC) reported its third-quarter results on Monday at 66 cents a share, up 37.5%, with revenue at $22.78 billion. Lending and deposits rose modestly while net charge-offs decreased. with analysts forecasting $0.62 in earnings per share (EPS) on  $22.67 billion in revenue.

The stock has a 52-week trading range of $25.12 to $33.05. 

Bank of America Corporation NYSE: BAC

Market Reaction Pre-Open $28.56 +0.10 (+0.35%)

Highlights

      • Provision for credit losses decreased by $118 million to $716 million, below the $964.2 million estimate.
      • BAC's net interest margin rose 4 basis points to 2.42 percentage points, beating the analyst estimate by 1 basis point.
      • Profit in consumer banking, the lender's biggest division, jumped 49 percent to $3.1 billion on improving credit, expenses and lower taxes.
      • Loans in the business sector rose 6 percent to $285 billion and deposits rose 4 percent to $688 billion.
      • Global markets division posted profit that rose 21 percent to $912 million.
      • Fixed income trading revenue came in at $2.06 billion
      • Equities trading generated $1.01 billion, roughly matching analysts expectations for the quarter.

BAC Earnings Q3 18

 Source: BAC, AlphaStreet

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