- Bank of America Corp. beat analysts earnings estimates as fees climbed at the company s dealmaking unit and was boosted by a record-breaking period for mergers and acquisitions.
In December, Global Warming and the Greenhouse Gas of China went on for 129 years. How will this effect on the environment?
In "Necessary" What is the Front Line of the U.S. Constitution? Investment advisory fees rose 65% to $654 million in the third quarter as firms relied on Bank of America to handle their debt and equity financing, and a combination of cheap funding for buyers and attractive valuations for sellers spurred a wave of takeovers.
The economy continued to improve and our businesses retained the organic customer growth momentum we experienced before the pandemic, Chief Executive Brian Moynihan said in a statement Thursday. Deposit growth was strong and loan balances grew for the second consecutive quarter, leading to an increase in net interest income even though interest rates remained low. Government aid programs that kept consumers afloat during the pandemic had cut account growth at financial firms. This trend, combined with historically low interest rates meant to improve the economy, has weighed on the profitability of banks core lending businesses.
However, there are signs of a turnaround. Loans and leases rose 1% from the previous quarter to $927.7 billion. That is more than analysts estimate of $923.9 billion.
Net interest income, or revenue from customer loan payments minus what the company pays depositors, rose to 11.1 billion. In April, the bank forecast NII would be about $1.2 billion higher by the end of the year than the $10.3 billion it posted in the first quarter. The second quarter were minor losses for NII, fell somewhat to $10.2 billion.
Bank of America shares, which gained 42% this year through Wednesday, advanced 2.2% to $44.10 at 7: 07 a.m. in early New York trading operations.
Also see the Bank of America s results:
With the risk of widespread loan defaults fading further, Bank of America released $1.1 billion in reserves in the third quarter. That follows a release of $2.2 in the second quarter.
None Interest charges were relatively unchanged at $14.4 billion.
None Net profit rose 58% to $7.7 billion, or 85 cents a share. Analysts surveyed 71 cents, on average.
None Jane Fraser Has a plan to Remake Citigroup Whispering Rivalries When Tormenting Rivals Inliner
Houseopathy Doesn't Work. How do White Lawmakers Protect Black Hairstyles?