Brian Moynihan, CEO of Bank of America, leaves the U.S. Capitol after a meeting with Republican members of the Senate Banking, Housing and Urban Affairs Committee on the issue of debanking on Thursday, February 13, 2025.\u00a0<\/p>\n
Tom Williams | Cq-roll Call, Inc. | Getty Images<\/p>\n
Bank of America<\/a> on Wednesday posted<\/a> third-quarter results that exceeded analysts’ expectations on stronger-than-expected investment banking revenue.<\/p>\n Here’s what the company reported:<\/p>\n The second-largest U.S. bank by assets said profit rose 23% from a year earlier to $8.5 billion, or $1.06 per share. Revenue increased 10.8% to $28.24 billion.<\/p>\n Shares of the bank rose almost 5% in premarket trading. They’ve climbed roughly 14% this year before Wednesday.<\/p>\n Like its peers, Bank of America’s Wall Street businesses helped fuel the quarter’s results.<\/p>\n Banks including JPMorgan Chase<\/a> and Goldman Sachs<\/a> reported strong gains<\/a> in trading and investment banking<\/a> revenue during the third quarter on heightened activity among both institutional investors and corporations looking to acquire companies or raise capital.<\/p>\n Bank of America said investment banking fees surged 43% from a year earlier to $2 billion, about $380 million more than analysts surveyed by StreetAccount had expected.<\/p>\n Equities trading also contributed to the quarterly beat; revenue there rose 14% to $2.3 billion, roughly $200 million more than the StreetAccount estimate.<\/p>\n Fixed income trading rose 5% to $3.1 billion, matching expectations.<\/p>\n Bank of America also benefited from an improved outlook around credit losses in the quarter. The company said its provision for credit losses fell about 13% to $1.3 billion, which is below the $1.58 billion StreetAccount estimate.<\/p>\n Net interest income rose 9% to $15.39 billion, about $150 million more than the StreetAccount estimate.<\/p>\n “With continued organic growth, every line of business reported top and bottom-line improvements,” CEO Brian Moynihan said in the earnings release. “Strong loan and deposit growth, coupled with effective balance sheet positioning, resulted in record net interest income.”<\/p>\n This story is developing. Please check back for updates.<\/p>\n","protected":false},"excerpt":{"rendered":"Brian Moynihan, CEO of Bank of America, leaves the U.S. Capitol after a meeting with Republican members of…\n","protected":false},"author":3,"featured_media":305468,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[18109,259,47299,7789,133,64,81,26447,13656,45003,7074,3346,16209,67,132,68,3642,20860],"class_list":{"0":"post-305467","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-bank-of-america-corp","9":"tag-banks","10":"tag-breaking-news-earnings","11":"tag-breaking-news-investing","12":"tag-breaking-news-markets","13":"tag-business","14":"tag-business-news","15":"tag-citigroup-inc","16":"tag-earnings","17":"tag-goldman-sachs-bdc-inc","18":"tag-goldman-sachs-group-inc","19":"tag-investment-strategy","20":"tag-jpmorgan-chase-co","21":"tag-united-states","22":"tag-unitedstates","23":"tag-us","24":"tag-wall-street","25":"tag-wells-fargo-co"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115378465398520678","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/305467","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=305467"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/305467\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/305468"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=305467"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=305467"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=305467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n