Bank of America's Q1 Consumer Banking Income Takes A Hit, Adds 1M Credit Card Accounts
Portfolio Pulse from Anusuya Lahiri
Bank of America Corp (NYSE:BAC) reported Q1 fiscal 2024 results with a net income of $7.2 billion and EPS of $0.83, surpassing consensus estimates. Revenue declined by 2% Y/Y to $25.8 billion, but still beat expectations. Consumer Banking income fell by 14.5% Y/Y, while Global Wealth and Investment Management saw a 9.6% increase. The bank added over 1 million credit card accounts and saw its stock rise by 18% over the last 12 months. BAC shares are up 0.42% in premarket trading.
April 16, 2024 | 12:46 pm
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POSITIVE IMPACT
Bank of America reported strong Q1 fiscal 2024 earnings, surpassing consensus estimates with a net income of $7.2 billion and an EPS of $0.83. Despite a revenue decline, the bank added over 1 million credit card accounts.
The positive earnings report and the addition of over 1 million credit card accounts indicate strong operational performance and customer growth, likely leading to a positive short-term impact on BAC's stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Investors can gain exposure to Bank of America's stock, which has gained over 18% in the last 12 months, through the First Trust Nasdaq Bank ETF (FTXO).
Given Bank of America's positive earnings report and its significant contribution to the banking sector, FTXO, which includes BAC as part of its holdings, may see a positive short-term impact.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Investors can gain exposure to Bank of America's stock, which has gained over 18% in the last 12 months, through the Invesco KBW Bank ETF (KBWB).
With Bank of America's strong performance and its role in the banking sector, KBWB, which includes BAC in its portfolio, is likely to experience a positive short-term impact.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70