Bank of America's Financial Results Exceed Expectations
Bank of America (BAC) has reported its third-quarter financial results, surpassing Wall Street's forecasts on both the top and bottom lines.
The bank announced earnings per share (EPS) of $1.06 U.S., exceeding the expected $0.95 U.S., with a 23% increase in profit from the previous year.
Revenue for the July-September period totaled $28.24 billion U.S., ahead of the expected $27.50 billion U.S., representing a 10.8% increase from the previous year.
- Investment banking fees surged 43% to $2 billion U.S. during Q3, exceeding analyst expectations by $380 million U.S.
- Equity trading revenue increased 14% to $2.3 billion U.S., $200 million U.S. more than expected.
- Fixed income trading rose 5% to $3.10 billion U.S. during the quarter.
The strong results were largely attributed to investment banking activity, driven by initial public offerings (IPOs) and mergers and acquisitions (M&A) on Wall Street.
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Author's summary: Bank of America's Q3 financial results beat expectations.