Bank of America Corp (BAC) Earnings: 10 Things to Know About Q3

Bank of America Corp (NYSE:BAC) stock is up today following the release of its earnings report for the third quarter of 2017.

Bank of America Corp (BAC) Earnings: 10 Things to Know About Q3

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Here are a few things to know about Bank of America Corp’s recent third quarter earnings.

  • BAC reported earnings per share of 48 cents on revenue of $21.84 billion.
  • Wall Street was expecting the banking company to report earnings per share of 45 cents on revenue of $21.98 billion in the quarter.
  • The company reported earnings per share of 41 cents on revenue of $21.64 billion in the third quarter of 2016.
  • Net income reported in the third quarter of 2017 was $5.59 billion, which is up from the $4.96 billion reported during the same time last year.
  • Bank of America Corp reported that Consumer Banking revenue increased by 10% to $8.8 billion in Q3.
  • Global Wealth and Management revenue reported by BAC was up 6% to $4.6 billion in the quarter.
  • The company’s Global banking revenue for the quarter was $5.0 billion, which represents a 5% increase from the same period in the year prior.
  • Bank of America Corp notes that its global sales and trading revenue for the quarter was down 15%.
  • This includes a 22% drop to FICC and a 2% increase to equities.
  • The company also notes that it repurchased $3 billion worth of BAC stock during its third quarter of the year.

“Client activity remained strong across the franchise,” Paul Donofrio, CFO of Bank of America Corp, said in a statement. “Year over year, we grew average deposits by $45 billion, or 4 percent, and increased average loan balances in our business segments by $46 billion, or 6 percent.”

BAC stock was up 1% as of Noon Friday and is up 17% year-to-date.

As of this writing, William White did not hold a position in any of the aforementioned securities.


Article printed from InvestorPlace Media, https://investorplace.com/2017/10/bank-of-america-corp-bac-stock/.

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