BofA CEO Says Consumer Is Healthy, Inflation Appears To Be 'Under Control' Following Better-Than-Expected Q2 Earnings
Portfolio Pulse from Adam Eckert
Bank of America Corp (BAC) reported better-than-expected Q2 results with an 11% YoY increase in revenue to $25.33 billion and earnings of 88 cents per share. CEO Brian Moynihan stated that the bank's deposits remain stable and the consumer remains healthy. The bank saw an 8% increase in client balances in its global wealth and investment management business, and a 23% YoY increase in global transaction services revenue. However, average deposit balances declined 1% sequentially and 7% YoY to $1.9 trillion.
July 18, 2023 | 8:49 pm
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Bank of America's better-than-expected Q2 results and positive comments from the CEO about the health of the consumer and the bank's deposits could have a positive impact on the stock in the short term.
The better-than-expected Q2 results and the positive comments from the CEO about the health of the consumer and the bank's deposits could boost investor confidence in the bank, potentially leading to an increase in the stock price.
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IMPORTANCE 80
RELEVANCE 100