Bank of America $BAC.US Q3 reported revenue of $29.958 billion, up 3% year over year, and net income of $6.933 billion, down 16.8%.
A $1.2 billion regulatory settlement charge was the main reason. Excluding this charge, adjusted EPS was $1.08, up from $1.04 in the same period last year; however, adjusted net income was about $8.1 billion, down from $8.3 billion last year. Earnings per share rose, but total profits didn’t. Share buybacks explain the difference.
Net interest income helped support results, rising 8% year over year to $16.449 billion. Average loans grew 6%, and deposits grew 2%. Performance varied across segments: wealth management rose 13%, global markets fell 6%, and investment banking fee revenue fell 11%.
Credit quality is improving. The net charge-off rate was 0.44%, compared with 0.47% in the same period last year. But expenses haven’t kept pace: the adjusted efficiency ratio rose from 60% to 62%—the higher the figure, the heavier the expense burden relative to revenue. Two variables to watch: whether net interest income growth can withstand cost pressures, and whether further spending will be required for regulatory remediation.
This is not investment advice.
#美国银行 #BStocks #美股财报季来袭
A $1.2 billion regulatory settlement charge was the main reason. Excluding this charge, adjusted EPS was $1.08, up from $1.04 in the same period last year; however, adjusted net income was about $8.1 billion, down from $8.3 billion last year. Earnings per share rose, but total profits didn’t. Share buybacks explain the difference.
Net interest income helped support results, rising 8% year over year to $16.449 billion. Average loans grew 6%, and deposits grew 2%. Performance varied across segments: wealth management rose 13%, global markets fell 6%, and investment banking fee revenue fell 11%.
Credit quality is improving. The net charge-off rate was 0.44%, compared with 0.47% in the same period last year. But expenses haven’t kept pace: the adjusted efficiency ratio rose from 60% to 62%—the higher the figure, the heavier the expense burden relative to revenue. Two variables to watch: whether net interest income growth can withstand cost pressures, and whether further spending will be required for regulatory remediation.
This is not investment advice.
#美国银行 #BStocks #美股财报季来袭