Bank of America Q3 profit and revenue miss estimates
Bank of America reported third-quarter adjusted earnings per share of $1.08, falling short of the $1.16 estimate. General Accepted Accounting Principles earnings per share stood at $0.91, a figure that included a $1.2 billion settlement charge equivalent to $0.17 per share. The bank generated revenue of $29.96 billion, which missed the projected $30.76 billion, while net income totaled $6.90 billion.
Bank of America reported third-quarter adjusted earnings per share of $1.08, falling short of the $1.16 estimate. General Accepted Accounting Principles earnings per share stood at $0.91, a figure that included a $1.2 billion settlement charge equivalent to $0.17 per share. The bank generated revenue of $29.96 billion, which missed the projected $30.76 billion, while net income totaled $6.90 billion.
Specific business units showed mixed performance relative to market expectations. Net interest income reached $16.45 billion, exceeding the $16.24 billion forecast. Trading revenue, excluding the impact of the Day-Value Adjustment, came in at $6.06 billion against an estimate of $5.41 billion. Investment banking revenue also surpassed expectations at $1.80 billion, compared to a projected $1.77 billion.
On the balance sheet, the provision for credit losses was $1.27 billion, lower than the $1.49 billion estimate. Loan balances grew to $1.25 trillion, slightly above the $1.23 trillion forecast, while deposits remained in line with estimates at $2.04 trillion. The Common Equity Tier 1 capital ratio stood at 10.9%, below the 11.2% figure anticipated by analysts.