On Friday, the Bank of America’s (BAC) earnings data rose due to the interest income gains amid higher rates and loan growth in Q4.
BAC improved by 2.20% to $35.23 a share on January 13. Its earnings per share grew by $0.85 and exceeded experts’ estimates of $0.79. The figures are higher than the prior EPS of $0.81. Furthermore, the bank’s revenue remained at $24.50 billion, higher than analysts’ $24.32 billion forecast. Also, its loan balances had a projected boost of 8.10% from the prior-year period of 6.90%.
The BAC earned splendid trading numbers as sales and trading revenues were up by 27.00%. Fixed-income trading fees and equity trading income spiked by 49.00% and 1.00%, respectively. However, the company’s investment banking (IB) was subpar, as analysts expected.
IB fees of $1.10 billion lessened by 54.40% year-on-year in the fourth quarter of 2022. Meanwhile, its advisory fees took a slump by 42.80% to $486.00 million.
Moreover, the BAC income declined by 2.00% in the global wealth and investment management business, while global banking fell by 5.00%. Within the first few days of 2023, the BAC stocks were heightened by 4.00%.
According to Chief Financial Officer Alastair Borthwick, they don’t have plans for mass layoffs as the workforce swelled to 216,823.
On Saturday, BAC and TreesCharlotte collaborated in a TreeAdoption event in West Charlotte.
The tree-giving event provided over 250 free trees for Charlotte residents living in the city’s Crescent area. Also, many neighborhoods are qualified for the occasion as part of the Corridors of Opportunity. In addition, those residents living in 28206, 28208, 28213, 28214, and 28216 were invited to receive two free trees. Not only will they collect tree plants, but they will also learn about planting techniques and best practices.
For the record, it has been well-established that BAC works with nonprofits and local organizations to support economic mobility.
Moreover, TreeAdoption events aim to spread the advantages of having trees, like having cleaner air and bringing cooler temperatures.
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