Bank of America Clocks 10% Income Growth In Q3, CEO Highlights Client and Account Additions Across All Business Lines
Portfolio Pulse from Anusuya Lahiri
Bank of America Corp (NYSE:BAC) reported a 10% YoY increase in Q3 FY23 net income to $7.8 billion, beating consensus estimates. Revenue also increased by 3% YoY to $25.32 billion, surpassing consensus estimates. The bank saw growth in all business lines, with Global Banking and Global Markets segments showing significant income growth. However, average deposits decreased by 4.4% YoY. BAC shares are trading 1% higher in premarket trading.
October 17, 2023 | 12:07 pm
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Bank of America's Q3 earnings beat estimates with a 10% YoY increase in net income and a 3% YoY increase in revenue. Shares are trading 1% higher in premarket trading.
Bank of America's better-than-expected Q3 earnings report, with significant growth in net income and revenue, is likely to have a positive impact on its stock price in the short term. The bank's growth across all business lines, despite a decrease in average deposits, indicates strong operational performance. This positive news is likely to boost investor confidence, leading to an increase in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100