Bank of America Corporation (NYSE:BAC) came out with its third quarter earnings results on Wednesday 14th October 2020 before market open.
Key Numbers from third quarter earnings result
Quarterly income of $ 0.51 per share, from the revenue of $ 20,336.00 million
Analysts Estimated revenue of $ 20806.30 million and $ 0.49 income per share
Earnings beat analysts estimates by $ 0.02 or 4.08 percent
Revenues fell short of wall street view by $ 470.3 million or 2.26 percent
Earnings contracted 8.93 percent compared with the same quarter last year
Revenues down 10.83 percent versus third quarter of last year.
The Provision for credit losses increased to $ 1.4 billion, driven by COVID-19 impacts in commercial. Net interest income down 17 percent to $ 10.1 billion, driven by lower interest rates, while Noninterest income declined 4 percent to $10.2 billion, primarily reflecting lower consumer fees as well as improved trading and investment banking results .
Noninterest expense decreased 5 percent to $ 14.4 billion as higher net costs related to COVID-19 and higher litigation expense were more than offset by the absence of a $ 2.1 billion Merchant Services impairment charge recorded in the year-ago quarter.
Brian Moynihan, Chairman and CEO, said, As the economy continued to recover, we generated nearly $5 billion in earnings this quarter, reflecting the diversity of our business model, our industry-leading market position and digital capabilities, and our adherence to responsible growth.
