Financial institution of America Chairman and CEO Brian Thomas Moynihan testifies throughout a Wall Road oversight listening to by the Senate Banking, Housing, and City Affairs committee on Capitol Hill in Washington, DC, December 6, 2023.
Saul Loeb | AFP | Getty Photographs
Financial institution of America on Tuesday reported first-quarter earnings that topped analysts’ estimates for revenue and income on better-than-expected curiosity revenue and funding banking.
Here is what the corporate reported:
- Earnings: 83 cents a share adjusted, vs. 76 cents LSEG estimate
- Income: $25.98 billion, vs. anticipated $25.46 billion
Will Financial institution of America observe rivals in posting better-than-expected Wall Road income?
That is one of many key questions after JPMorgan Chase, Citigroup and Goldman Sachs all topped estimates with assist from buying and selling and funding banking.
Financial institution of America’s Chief Monetary Officer, Alastair Borthwick, advised analysts final month to anticipate funding banking income to rise by 10% to fifteen% from a yr earlier, and for buying and selling outcomes to be roughly flat.
Analysts may also be targeted on the financial institution’s web curiosity revenue, which has been declining in latest quarters as funding prices have climbed together with the rise in rates of interest.
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