Brian Moynihan, CEO of Financial institution of America, leaves the U.S. Capitol after a gathering with Republican members of the Senate Banking, Housing and City Affairs Committee on the problem of debanking on Thursday, February 13, 2025.
Tom Williams | Cq-roll Name, Inc. | Getty Pictures
Financial institution of America on Wednesday posted third-quarter outcomes that exceeded analysts’ expectations on stronger-than-expected funding banking income.
This is what the corporate reported:
- Earnings per share: $1.06 vs. 95 cents LSEG estimate
- Income: $28.24 billion vs. anticipated $27.5 billion
The second largest U.S. financial institution by property stated that revenue rose 23% from a yr earlier to $8.5 billion, or $1.06 per share. Income rose 10.8% to $28.24 billion.
Like its friends, Financial institution of America’s Wall Avenue companies helped gasoline the quarter’s outcomes.
Banks together with JPMorgan Chase and Goldman Sachs reported sturdy good points in buying and selling and funding banking income on heightened exercise amongst each institutional buyers and firms trying to purchase firms or elevate capital.
Financial institution of America stated funding banking charges surged 43% from a yr earlier to $2 billion, about $380 million greater than analysts surveyed by StreetAccount had anticipated.
Equities buying and selling additionally contributed to the quarterly beat; income there rose 14% to $2.3 billion, roughly $200 million greater than the StreetAccount estimate.
Mounted earnings buying and selling rose 5% to $3.1 billion, matching expectations.
Financial institution of America additionally benefited from an improved outlook round credit score losses within the quarter. The corporate stated its provision for credit score losses fell about 13% to $1.3 billion, which is beneath the $1.58 billion StreetAccount estimate.
Internet curiosity earnings rose 9% to $15.39 billion, about $150 million greater than the StreetAccount estimate.
“With continued natural development, each line of enterprise reported prime and bottom-line enhancements,” CEO Brian Moynihan stated within the launch. “Robust mortgage and deposit development, coupled with efficient steadiness sheet positioning, resulted in report internet curiosity earnings.”
Shares of the financial institution have climbed roughly 14% this yr.
This story is growing. Please verify again for updates.
