Bank Of America Q3 Consumer Banking Revenue $10.5B, Up 6%; Avg. Deposits $980B, Down 8%
Portfolio Pulse from Benzinga Newsdesk
Bank of America's Q3 consumer banking revenue was $10.5 billion, up 6% from the previous quarter. However, average deposits were down 8% to $980 billion. Net income was $2.9 billion, and average loans and leases increased by 5% to $311 billion. Combined credit/debit card spend was $225 billion, up 3%.
October 17, 2023 | 10:47 am
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Bank of America's Q3 results show mixed performance with increased revenues but decreased deposits. This could indicate a shift in consumer behavior.
Bank of America's increased revenues indicate a strong performance in their consumer banking sector. However, the decrease in deposits could suggest a shift in consumer behavior, possibly due to the ongoing pandemic. This could impact the bank's future performance.
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