Large U.S. banks exceeded profit expectations in the third quarter. But most also set aside more money for potential credit losses, a possible warning sign for the economy.
What JPMorgan, Bank of America, Citi and Wells Fargo told us about consumers' finances.
Bank of America Corporation (NYSE:BAC ) Q3 2024 Results Conference Call October 15, 2024 8:30 AM ET Company Participants Lee McEntire - Investor Relations Brian Moynihan - Chief Executive Officer Alastair Borthwick - Chief Financial Officer Conference Call Participants Jim Mitchell - Seaport Global Betsy Graseck - Morgan Stanley Glenn Schorr - Evercore Matt O'Connor - Deutsche Bank Mike Mayo - Wells Fargo Vivek Juneja - JP Morgan Steven Chubak - Wolfe Research Erika Najarian - UBS Gerard Cassidy - RBC Operator Good day, everyone, and welcome to Bank of America's earnings announcement. At this time, all participants are in a listen-only mode.
Brian Moynihan, Bank of America chair and CEO, joins 'Squawk on the Street' to discuss how Moynihan characterizes the environment the bank is operating in, to what degree Bank of America gets hurt by lower rates, and much more.
While the top- and bottom-line numbers for Bank of America (BAC) give a sense of how the business performed in the quarter ended September 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
Robust trading and IB performances drive BAC's Q3 earnings. Meanwhile, NII continues to decline and poor asset quality hurts.
Bank of America Corp (NYSE:BAC) shares rose 2% in pre-market after it reported a smaller drop than expected in third-quarter profit. Earnings per share of $0.81 was down from $0.90 in the same quarter last year, but was higher than the $0.77 cents average estimate from Wall Street.
Bank of America (BAC) came out with quarterly earnings of $0.81 per share, beating the Zacks Consensus Estimate of $0.78 per share. This compares to earnings of $0.90 per share a year ago.
Global investor optimism has climbed to its highest since June 2022 as fears of a recession in the US and China receded, according to Bank of America's newest survey of fund managers. Amounts held in cash have dropped to 3.9% from 4.2% while equity allocations rose to a net 31% overweight.
Bank of America (BAC) reported third-quarter results above analysts' estimates Tuesday morning, as revenue rose year-over-year and profit fell by a smaller amount than expected.
CNBC's Leslie Picker joins 'Squawk Box' to report on the bank's quarterly earnings results.
Bank of America (BAC) reported third-quarter results above analysts' estimates Tuesday morning, as revenue rose year-over-year and profit fell by a smaller amount than expected.