Bank of America Clocks 19% Q2 Net Income Growth: Performance By The Numbers
Portfolio Pulse from Anusuya Lahiri
Bank of America Corp (NYSE:BAC) reported a 19% YoY increase in Q2 FY23 net income to $7.4 billion, surpassing Street expectations. EPS was $0.88, beating the consensus of $0.84. Revenue rose 11% YoY to $25.33 billion, also beating the consensus. Segment net income varied, with Global Banking seeing a 76% YoY increase. The bank's CET1 ratio was 11.6%, up 110 bps from a year ago. BAC shares are trading higher by 0.51% at $29.55 premarket.
July 18, 2023 | 12:06 pm
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POSITIVE IMPACT
Bank of America's Q2 FY23 results surpassed expectations, with net income, EPS, and revenue all beating consensus. This positive news has led to a premarket increase in BAC shares.
Bank of America's better-than-expected Q2 FY23 results indicate strong performance, which is likely to boost investor confidence and drive up the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100