Tuesday's Earnings Report: US Banks Beat Estimates As Higher Interest Rates, Fees Offer Profit Boost
Portfolio Pulse from Piero Cingari
Major US banks, including Bank of America Corp. (BAC), Morgan Stanley (MS), and Charles Schwab Corp. (SCHW), reported their Q2 earnings, surpassing both earnings and revenue estimates. BAC's EPS was $0.88, exceeding expectations of $0.84, and revenues climbed to $25.2 billion. MS reported EPS of $1.24, surpassing expectations of $1.23, with revenues reaching $13.5 billion. SCHW announced EPS of $0.75, slightly surpassing expectations of $0.75, with revenues of $4.66 billion.

July 18, 2023 | 3:51 pm
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POSITIVE IMPACT
Bank of America's Q2 earnings surpassed expectations, with an EPS of $0.88 and revenues of $25.2 billion.
The positive earnings report is likely to boost investor confidence and could lead to a short-term increase in BAC's stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Morgan Stanley's Q2 earnings slightly surpassed expectations, with an EPS of $1.24 and revenues of $13.5 billion.
The positive earnings report is likely to boost investor confidence and could lead to a short-term increase in MS's stock price.
CONFIDENCE 95
IMPORTANCE 85
RELEVANCE 100
POSITIVE IMPACT
Charles Schwab's Q2 earnings slightly surpassed expectations, with an EPS of $0.75 and revenues of $4.66 billion.
The positive earnings report is likely to boost investor confidence and could lead to a short-term increase in SCHW's stock price.
CONFIDENCE 95
IMPORTANCE 80
RELEVANCE 100