Brian Thomas Moynihan, Chairman and Chief Executive Officer of Bank of America, during the U.S. Senate Committee on Banking, Housing and Urban Affairs Oversight Hearing on Wall Street Firms on Capitol Hill in Washington, U.S., December 6, 2023 Give a speech on.
Evelyn Hochstein | Reuters
Bank of America It is scheduled to release third-quarter earnings before the market opens on Tuesday.
Here’s what Wall Street expected:
- Earnings per share were 77 cents, according to LSEG
- Revenue: $25.3 billion, according to LSEG
- Net interest income: $14.06 billion (FTE), according to StreetAccount
- Trading revenue: $2.74 billion in fixed income and $1.81 billion in equities, according to StreetAccount
How soon will U.S. banks benefit from lower interest rates?
That’s a key question after the bank said in July that net interest income would rebound in the second half of the year.
As the Federal Reserve raised interest rates over the past two years, Bank of America’s net interest income has been squeezed. Now that the Fed is cutting interest rates, analysts will be keen to understand how this will affect the bank.
NII is one of the main ways banks make money, and is the difference between the income they earn from loans and investments and what they pay out to depositors on their savings.
JPMorgan Chase and Wells Fargo reported profits on Friday that beat expectations, helped by its investment banking business. Goldman Sachs and Citigroup Results are also scheduled to be reported on Tuesday, while Morgan Stanley Earnings will be disclosed on Wednesday.
This story is developing. Please check back for updates.
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