What's Going On With Bank Of America (BAC) Shares
Portfolio Pulse from Henry Khederian
Bank of America (BAC) reported a strong Q3 fiscal 2024 net income of $6.9 billion, surpassing analyst expectations. Despite a 12% decline in net income year-on-year due to higher loan loss provisions and operational expenses, the bank saw modest revenue growth. Gains in trading revenue, asset management, and investment banking fees offset a decrease in net interest income. BAC anticipates a positive impact from the Federal Reserve's recent rate cut.
October 18, 2024 | 3:12 pm
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Bank of America reported a Q3 net income of $6.9 billion, exceeding expectations. Despite a 12% YoY decline in net income, revenue grew modestly. Gains in trading and investment banking fees offset lower net interest income. The Fed's rate cut may benefit BAC.
BAC's Q3 earnings exceeded expectations, driven by gains in trading and investment banking fees, despite a decline in net interest income. The Fed's rate cut is expected to positively impact BAC by reducing borrowing costs and encouraging lending.
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