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Bank of America Earnings, Revenue Beat in Q3

Published 10/15/2018, 07:00 AM
Updated 10/15/2018, 07:00 AM
© Reuters. - Bank of America (NYSE:BAC) on Monday reported the highest quarterly pre-tax earnings in its history in the third quarter, along with revenue that topped forecasts.

The firm reported earnings per share rose 43% to $0.66, while revenue rose by 4% to $22.8bn. Analysts polled by forecast EPS of $0.62 on revenue of $22.62bn.

Net income increased 32% to $7.2bn, driven by continuing strong operating leverage and asset quality, as well as U.S. tax reforms.

“Responsible growth, backed by a solid U.S. economy and a healthy U.S. consumer, combined to deliver the highest quarterly pre-tax earnings in our company’s history,” Brian Moynihan, chairman and chief executive officer said.

For the year, Bank of America shares are down 4.34%, under-performing the S&P 500 which is up 3.11% year to date.

Bank of America follows other major Financial sector earnings this month

On Friday, JPMorgan (NYSE:JPM) reported third quarter EPS of $2.34 on revenue of $27.82B, compared to forecasts of EPS of $2.26 on revenue of $27.44B.

Wells Fargo &Co (NYSE:WFC) earnings missed analyst's expectations on Friday, with third quarter EPS of $1.13 on revenue of $21.94B. analysts expected EPS of $1.19 on revenue of $21.84B

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