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Bank of America Posts Solid Results for Q4 2017
Bank of America released its financial earnings for Q4 2017 on Wednesday reporting a strong quarter. The bank reported a net income of $2.4 billion, and earnings per share of $0.20 for the quarter. Its net revenue increased 2 percent to $20.4 billion in Q4 2017 from $20.4 billion in the corresponding quarter last year.
Net interest income increased 11 percent to $11.5 billion reflecting benefits from higher interest rates and loan and deposit growth. However, its noninterest income decreased 7 percent to $9 billion due to the impact of the Tax Act and lower mortgage banking income, partially offset by higher asset management fees, investment banking revenues, and card income.
“Responsible growth delivered solid results in 2017. Pretax earnings rose 17 percent, and we continued to close in on our long-term return targets. We gained market share across our businesses while carefully managing credit, risk exposures, and expenses,” said Brian Moynihan, CEO at Bank of America.
The bank’s consumer banking business continued to post a solid growth with revenues rising 10 percent to $9 billion and loans and deposits rising 9 percent and 8 percent respectively. Its mobile banking active users increased 12 percent to 24.2 million, while the credit / debit spend went up 7 percent to $143 billion. The bank’s Merrill Edge brokerage assets were up 22 percent.
“We invested in technology, client engagement, and in our own team, including the $1,000 bonus we announced last month for 145,000 employees. We also shared our success with stakeholders through our high level of funding philanthropic initiatives, our 2 million employee volunteer hours, and our commitment to long-term shareholder value by returning nearly $17 billion in capital through common stock repurchases and dividends,” Moynihan said.
To view the complete results, click here.
Nicole Casperson
Источник: https://dsnews.com/daily-dose/01-18-2018/bank-america-posts-solid-results-q4-2017Bank of America beats on the bottom line, misses on the top
Analysts were expecting adjusted earnings per share of $0.38 on revenue of $20.76 billion, according to Bloomberg. It was initially unclear whether the bank's reported earnings were adjusted.
"With strong leadership positions in our businesses against a backdrop of rising interest rates, we are well-positioned to continue to grow and deliver for our shareholders in 2017," CEO Brian Moynihan said in a statement.
The firm said it would increase its stock-buyback program for the first half of 2017 to $4.3 billion from $2.5 billion.
Total trading revenue missed expectations, coming in at $2.91 billion ($3.06 billion expected), while banking revenue was $1.22 billion ($1.14 billion expected).
Fixed income, currency, and commodities trading revenue came in at $1.96 billion for the quarter ($2.12 billion expected), while equities trading revenue was $948 million ($943.7 million expected).
The firm said FICC revenue was up 12% from the year-ago quarter because of improved customer flow across all regions and most products, "despite challenging markets for rates and municipals in the latter half of the quarter."
Equities revenue was up 7% from the prior-year quarter because of improved derivatives performance, reflecting more market activity after the US election, the firm said.
Corporate investment-banking fees were down 4% from the year-ago quarter because of lower advisory and equity issuance fees but partly offset by higher debt-issuance fees, according to the firm.
In the same quarter last year, Bank of America beat expectations, reporting $0.28 a share.
In the third quarter, Bank of America beat on the top and bottom lines, reporting earnings per share of $0.41 on revenue of $21.64 billion.
JPMorgan and Wells Fargo will report fourth-quarter earnings at about 8 a.m. Friday.
Quarterly Earnings Releases and Supplements
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Quarterly Earnings
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