What's Going On With Bank Of America (BAC) Shares?
Portfolio Pulse from Henry Khederian
Bank of America Corp (BAC) shares are trading lower by 1% to $27.04. The company exceeded expectations in its Q3 FY23 results, reporting a 10% YoY increase in net income to $7.8 billion, with 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 grew by 4% YoY to $14.4 billion, driven by rising interest rates and strong loan growth.
October 19, 2023 | 7:48 pm
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Bank of America exceeded Q3 FY23 expectations with a 10% YoY increase in net income and a 3% YoY rise in revenue. The bank's net interest income grew by 4% YoY, driven by rising interest rates and strong loan growth.
Despite exceeding Q3 FY23 expectations, Bank of America's shares are trading lower. This could be due to market factors unrelated to the company's performance. The bank's net interest income growth, driven by rising interest rates and strong loan growth, is a positive sign for future profitability.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100