Earnings Reports

Google Ad

Bank of America reported worse than expected first quarter earnings before the bell Wednesday. BofA set aside $4.76 billion for potential loan losses vs. $1.01 billion a year earlier. $BAC followed Citigroup $C JPMorgan Chase $JPM. Wells Fargo $WFC reporting

Bank of America Mortgage

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

$0.40 missed $0.42 EPS Forecast and $22.80 billion Beat $22.628 Billion Forecast in Revenue

Earnings

Bank of America earnings for the first quarter were 40 cents a share on revenue of $22.8 billion. Wall Street had expected Bank of America earningsof 42 cents per share, according to Zacks. Revenue was expected to dip nearly 2% to $22.628 billion.

Like for the other major money center banks the Coronavirus has ravaged the economy and exposed massive potential loan losses.

 

Bank of America Corporation NYSE: BAC

Market Reaction: Pre-market $22.30 −1.42 (-6.01%)

Bank of America Earnings Trend Q1 2020

Highlights

  • Consumer banking revenue fell 5% to $9.1 billion.
  • Wealth and investment management revenue rose 2% to $4.9 billion.
  • Global banking revenue fell 11% to $4.6 billion.
  • Fixed income trading revenue increased 13% to $2.7 billion,
  • Equities revenue surged 39% to $1.7 billion.

 Bank of America Q1 2020 Earnings

The second-biggest U.S. lender after J.P. Morgan Chase is among the most sensitive of large banks when it comes to changes in interest rates, according to analysts,  It is also the most exposed to the US economy.

 Source: BAC, AlphaStreet

Live From The Pit

 

Log in to comment
Discuss this article in the forums (2 replies).