{"id":63565,"date":"2024-07-16T16:00:57","date_gmt":"2024-07-16T16:00:57","guid":{"rendered":"https:\/\/hub.onequity.com\/?p=2708"},"modified":"2024-07-16T16:00:57","modified_gmt":"2024-07-16T16:00:57","slug":"bank-of-america-beats-forecasts-with-powerful-investment-bank","status":"publish","type":"post","link":"https:\/\/insights.onequity.com\/pt\/bank-of-america-beats-forecasts-with-powerful-investment-bank\/","title":{"rendered":"Bank of America Beats Forecasts with Strong Investment Banking Performance"},"content":{"rendered":"\n<p>Bank of America said Tuesday that revenue and earnings in the second quarter beat estimates, supported by higher fees in both investment banking and asset management.<\/p>\n\n\n\n<p>Bank of America reported:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Earnings: $0.83 per share vs. estimate of $0.80 per share.<\/li>\n\n\n\n<li>Revenues: $25.54 billion vs. estimate of $25.22 billion.<\/li>\n<\/ul>\n\n\n\n<p>The bank said profit fell 6.9% compared to the same period last year, to $6.9 billion, or $0.83 per <a href=\"https:\/\/hub.onequity.com\/education\/17\/06\/2024\/understanding-stock-trading-a-comprehensive-guide-for-beginners-and-refreshers\/\">stock<\/a>, as net interest income declined due to higher interest rates. Revenues rose about 1% to $25.54 billion.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Investment banking fees increased<\/strong><\/h2>\n\n\n\n<p>The firm benefited from a 29% increase in investment banking fees to $1.56 billion, exceeding StreetAccount&#8217;s estimate of $1.51 billion. Asset management fees increased 14% to $3.37 billion, supported by the increase in equity market values, which helped the firm&#8217;s wealth management division show an increase of around 6.3% in revenues to $5.50 billion, matching StreetAccount&#8217;s estimate.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Net interest income<\/strong><\/h2>\n\n\n\n<p>Net interest income fell 3% to $13.86 billion, also matching StreetAccount&#8217;s estimate.<\/p>\n\n\n\n<p>However, new guidance on this measure, which is called NII, gave investors confidence that a recovery is underway. NII is one of the main ways banks make money.<\/p>\n\n\n\n<p>This measure, which is the difference between what a bank earns on loans and what it pays depositors for their savings, is projected to amount to about $14.5 billion in the fourth quarter of this year, Bank of America said in a slide presentation. This confirms what executives had previously told investors, specifically that net interest income would bottom out in the second quarter.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Market reactions and comparison with other banks<\/strong><\/h2>\n\n\n\n<p>Bank of America stocks rose 2% in pre-market <a href=\"https:\/\/hub.onequity.com\/education\/27\/06\/2024\/when-is-the-best-time-to-trade-understanding-trading-sessions-around-the-world\/\">trading<\/a>, supported by the net interest income forecast.<\/p>\n\n\n\n<p>In the previous week, JPMorgan Chase, Wells Fargo, and Citigroup all beat revenue and earnings expectations, and Goldman Sachs continued the run on Monday, thanks to a pick-up in activity on Wall Street.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bank of America said Tuesday that revenue and earnings in the second quarter beat estimates, supported by higher fees in [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[2935,633],"tags":[],"class_list":["post-63565","post","type-post","status-publish","format-standard","hentry","category-markets","category-stocks"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - 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