Through its banking and various nonbank subsidiaries, it provides a range of banking and nonbank financial services and products.
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BAC has been the topic of several other research reports. The bank’s top line ($20.8 billion) fell on sequential and year-over-year bases by 6.5% and 2.5%, respectively.
Bank of America blamed the decline largely on adjustments it made because of a drop in long-term interest rates. It emphasized weakness in trading that could continue into the fourth quarter.
BofA posted higher profits in its consumer banking business, thanks to increases in deposits, mortgage originations and credit card issuances.
Bank of America earnings topped expectations, reversing a year-earlier loss related to a settlement with the USA government over mortgages.
Bank of America is expected to generate $21.1 billion in sales in the fourth quarter, $85.4 billion for the full 2015-year, and 88.0 billion in 2016.
JPMorgan reported Q3 earnings on Tuesday.
“The late summer’s volatility, especially in the fixed income trading markets, (remains) challenging”, Moynihan said.
Before we get overly excited about the emerging favorable growth picture from the results thus far, please keep in mind that easy comparisons at Bank of America (BAC) are playing a big role in boosting the growth pace at this stage. Its branch count fell to 4,741, a decline of more than 200.
The Federal Trade Commission, which probes companies accused of deceptive advertising, said Wednesday that it had joined the Justice Department and the Environmental Protection Agency in investigating Volkswagen. (NYSE:DAL) stated financial results for the September 2015 quarter, counting adjusted net income1 of $1.4 billion or $1.74 per diluted share, up 45% from the September quarter of 2014.
Bank of America rose in pre-market trading after saying it swung to a third-quarter profit.
Non-interest expenses fell 31 percent to US$13.81 billion in the third quarter, mainly due to an 83 percent drop in expenses in the bank’s legacy assets and servicing unit, which houses numerous bad loans inherited from Countrywide Financial. The third-quarter 2015 reserve release of $126 million compared with the year-ago total of $407 million.
Bank of America (NYSE:BAC) issued its quarterly earnings data on Wednesday.
Net income at consumer banking clocked in at $1.8 billion, which is an increase of 5% YoY. Shares of large-cap banks like Goldman Sachs Group (GS), Citigroup (C), Wells Fargo & Company (WFC) and JP Morgan Chase (JPM) have underperformed. The fact that the bank misses a few quarters and beats other quarters suggests that Bank of America management is unconcerned with the views of Wall Street, which could be viewed as a good thing.
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“Our results this quarter reflect our ongoing efforts to improve operating leverage while continuing to invest in our business”, said Chief Financial Officer Paul Donofrio. Moynihan said Thompson wanted to run a business or just do something different, an explanation the CEO has given before.
