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 difficulty of debanking on Thursday, February 13, 2025.
Tom Williams | Cq-roll Name, Inc. | Getty Photographs
Financial institution of America on Wednesday posted combined outcomes for the second quarter, beating estimates on earnings and lacking on income.
Here is what the corporate reported:
- Earnings: 89 cents a share vs. 86 cents per share LSEG estimate
- Income: $26.61 billion vs. anticipated $26.72 billion
The corporate mentioned revenue climbed about 3% from a 12 months earlier to $7.12 billion, or 89 cents per share, topping the 86 cent estimate.
Income climbed about 4% to $26.61 billion, beneath analysts’ expectations, because the agency generated $14.82 billion in internet curiosity earnings, lacking estimates by $70 million.
The corporate mentioned that NII, which is the distinction in what a financial institution pays its depositors and what it earns from loans and investments, rose about 7% within the quarter as deposit and mortgage development have been offset by decrease rates of interest in comparison with a 12 months in the past.
CEO Brian Moynihan pointed to the bigger traits at his financial institution, saying that it was the fourth consecutive quarter that NII rose amid rising deposits and mortgage development. Huge American banks have benefited from robust buying and selling outcomes and client credit score that has held up within the first six months of the 12 months.
“Customers remained resilient, with wholesome spending and asset high quality, and industrial borrower utilization charges rose,” Moynihan mentioned. “As well as, we noticed good momentum in our markets companies.”
Shares of the financial institution have climbed roughly 5% this 12 months earlier than Wednesday.
On Tuesday, JPMorgan, Citigroup and Wells Fargo every posted outcomes that topped analysts’ expectations for earnings and income.
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