Brian Moynihan, CEO, Bank of America
Scott Mlyn | CNBC
Bank of America reported first-quarter net that topped Wall Street estimates connected booming concern banking and trading results, arsenic good arsenic the merchandise of indebtedness nonaccomplishment reserves arsenic less consumers defaulted connected loans than expected due to the fact that of the pandemic.
Here are the numbers:
- Earnings: 86 cents a share, vs. 66 cents a stock expected by analysts polled by Refinitiv.
- Revenue: $22.9 billion, vs. $22.1 cardinal expected.
Other cardinal figures:
- Provision for recognition losses fell $6.6 cardinal to a payment of $1.9 billion, reflecting a reserve merchandise of $2.7 billion.
- Record concern banking fees of $2.2 billion.
- Record equity underwriting fees of $900 million.
- FICC trading up 22% to $3.3 billion.
- Equity trading up 10% to $1.8 billion.
The shares gained 1.3% successful aboriginal trading.
Bank of America, the second-biggest U.S. lender by assets, acceptable speech $11.3 cardinal for recognition losses past year, erstwhile the manufacture believed that a question of defaults tied to the coronavirus pandemic was coming. Instead, authorities stimulus programs look to person prevented astir of the feared losses, and banks person begun to merchandise much of their reserves this quarter.
Like JPMorgan and Goldman, the slope besides saw a boost from its trading operations.
On Wednesday, JPMorgan Chase and Wells Fargo each posted results that exceeded analysts' expectations connected reserve releases, portion Goldman Sachs bushed estimates connected beardown advisory and trading results.
Shares of Bank of America person climbed 32% this year, exceeding the 26% summation of the KBW Bank Index.
This communicative is developing. Please cheque backmost for updates.
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