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Brian Moynihan, CEO of Financial institution of America, leaves the U.S. Capitol after a gathering with Republican members of the Senate Banking, Housing and City Affairs Committee on the difficulty of debanking on Thursday, February 13, 2025.
Tom Williams | Cq-roll Name, Inc. | Getty Photos
Financial institution of America on Wednesday posted third-quarter outcomes that exceeded analysts’ expectations on stronger-than-expected funding banking income.
Here is what the corporate reported:
- Earnings per share: $1.06 vs. 95 cents LSEG estimate
- Income: $28.24 billion vs. anticipated $27.5 billion
The second largest U.S. financial institution by property mentioned that revenue rose 23% from a yr earlier to $8.5 billion, or $1.06 per share. Income rose 10.8% to $28.24 billion.
Like its friends, Financial institution of America’s Wall Avenue companies helped gasoline the quarter’s outcomes.
Banks together with JPMorgan Chase and Goldman Sachs reported sturdy features in buying and selling and funding banking income on heightened exercise amongst each institutional buyers and firms seeking to purchase firms or increase capital.
Financial institution of America mentioned funding banking charges surged 43% from a yr earlier to $2 billion, about $380 million greater than analysts surveyed by StreetAccount had anticipated.
Equities buying and selling additionally contributed to the quarterly beat; income there rose 14% to $2.3 billion, roughly $200 million greater than the StreetAccount estimate.
Fastened earnings buying and selling rose 5% to $3.1 billion, matching expectations.
Shares of the financial institution have climbed roughly 14% this yr.
On Tuesday JPMorgan, Goldman, Citigroup and Wells Fargo every posted earnings that topped analysts’ expectations for earnings and income.
This story is growing. Please examine again for updates.
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