What's Going On With Bank Of America (BAC) Shares
Portfolio Pulse from Henry Khederian
Bank of America Corp (BAC) reported better-than-expected Q3 FY23 results, with a 10% YoY increase in net income to $7.8 billion and EPS at $0.90, surpassing the consensus estimate of $0.81. Revenue also exceeded expectations, rising 3% YoY to $25.32 billion. The bank's net interest income increased by 4% YoY to $14.4 billion, largely due to higher interest rates and robust loan growth.
October 18, 2023 | 2:00 pm
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Bank of America's better-than-expected Q3 FY23 results and increased net interest income due to higher interest rates and robust loan growth could positively impact its stock.
Bank of America's strong Q3 FY23 results, which surpassed estimates, and its increased net interest income due to higher interest rates and robust loan growth, indicate a positive financial performance. This could lead to increased investor confidence and a potential rise in the stock price.
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