With interest rates rising, investment banking on the wane and its house in order, Bank of America is in a sweet spot, even relative to JPMorgan. Boss Brian Moynihan can enjoy it while it lasts, writes JMAGuilford:
Bank of America on April 18 reported profit attributable to common shareholders for the first quarter of 2022 of $6.6 billion, down 13% from a year earlier. At $0.80 per diluted share, net income topped estimates of $0.75 per share, according to Refinitiv. Net revenue grew 2%, to $23.2 billion, within which net interest income increased 13% to $11.6 billion.
Like peers JPMorgan, Citigroup and Morgan Stanley, which reported the prior week, Bank of America saw investment banking activity fall amid repercussions from Russia’s invasion of Ukraine, with fees down 35%. In consumer banking, deposit balances grew 14% to over $1 trillion, with the bank ranked as the largest holder of U.S. retail deposits.A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Bank of America profit falls but beats targetBank of America Corp. undefined shares rose 1.1% in premarket trading on Monday after the bank said its first-quarter earnings fell to $7.1 billion, or 80...
Baca lebih lajut »
Bank of America is set to report first-quarter earnings — here’s what the Street expectsBank of America is supposed to be one of the big beneficiaries of rising interest rates — but will that be enough to offset declines in investment banking?
Baca lebih lajut »
Bank of America earnings dipped in its first quarterThe bank, which holds few Russian assets, reported $7.1 billion in profit in the first quarter, down from $8 billion one year ago.
Baca lebih lajut »
Flats East Bank hosting Career Fair on April 25“The Flats East Bank has a huge variety of restaurants and bars, and they’re all great placed to work, too.'
Baca lebih lajut »
World Bank Slashes Global Growth Forecast to 3.2% From 4.1%, Citing Ukraine WarThe largest single factor in the reduced growth forecast was a projected economic contraction of 4.1% across Europe and Central Asia.
Baca lebih lajut »
Developer seeks $3.8M in damages, says bank violated agreement for Pa. propertyThe basis of the federal lawsuit is a right-of-first-offer agreement for a parcel in the State College area.
Baca lebih lajut »