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