Bank of America: strong results, big share buybacks
(CercleFinance.com) - Bank of America on Thursday reported better-than-expected net banking income and profits for the first quarter, during which the banking group enjoyed record or near-record revenues in many of its businesses.
BofA, the second-largest US bank by assets, also announced a 25 billion dollar share buyback program.
In the first three months of 2020, net profit reached 8.1 billion dollars, or 0.86 dollar per share, compared to 5.5 billion dollars (0.59 dollar per share) a year ago.
By way of comparison, the consensus expected EPS of 0.66 dollar, i.e. twenty cents less.
Net banking income inched up 0.2% to 22.8 billion dollars, again beating the consensus of 22.1 billion dollars.
Brian Moynihan, its CEO, this morning spoke of "exceptional" results driven by near-record performances in new deposits, investment inflows and corporate banking. He also mentioned an improving trend in credit costs.
Bank of America shares were up over 1.5% in pre-market trading on Thursday on Wall Street in the wake of all these announcements.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
BofA, the second-largest US bank by assets, also announced a 25 billion dollar share buyback program.
In the first three months of 2020, net profit reached 8.1 billion dollars, or 0.86 dollar per share, compared to 5.5 billion dollars (0.59 dollar per share) a year ago.
By way of comparison, the consensus expected EPS of 0.66 dollar, i.e. twenty cents less.
Net banking income inched up 0.2% to 22.8 billion dollars, again beating the consensus of 22.1 billion dollars.
Brian Moynihan, its CEO, this morning spoke of "exceptional" results driven by near-record performances in new deposits, investment inflows and corporate banking. He also mentioned an improving trend in credit costs.
Bank of America shares were up over 1.5% in pre-market trading on Thursday on Wall Street in the wake of all these announcements.
Copyright (c) 2021 CercleFinance.com. All rights reserved.