Profile image
By ETF Daily News (Reporter)
Contributor profile | More stories
Story Views

Last Hour:
Last 24 Hours:

Bank of America’s Earnings Beat View as Loan Loss Provisions Rise

Monday, October 17, 2016 4:57
% of readers think this story is Fact. Add your two cents.

bank-of-america-bac-logoBanking giant Bank of America Corp (NYSE:BAC) posted market-beating earnings results this morning, a revenue grew across most major segments.

The Charlotte-based company reported Q3 EPS of $0.41, easily topping Wall Street’s view of $0.34. Revenue rose 3.1% from last year to $21.64 billion, also beating estimates of $21.04 billion.

BAC said that net interest income (NII) rose 3% to $10.2 billion from $9.9 billion on a GAAP basis, while noninterest income gained 3% to $11.4 billion from $11.1 billion.

Meanwhile, the bank’s provision for credit losses — which represents money set aside for bad loans — rose to $850 million, up from $806 million in the year-ago period. Net charge-offs fell 4.7% to $888 million, however.

BAC chief executive Paul M. Donofrio commented via press release:

“Strong client activity and good expense discipline combined to drive positive operating leverage as we continue to optimize and strengthen our balance sheet. With near-record levels of capital and liquidity, as well as robust underwriting standards, Bank of America is stronger, safer and better prepared to deliver for customers and clients than probably at any time in our history. We remain focused on delivering long-term value to shareholders. This quarter, we increased tangible book value per share by 11% while returning nearly $2.2 billion in capital to common shareholders.”


Bank of America shares rose $0.16 (+1.00%) to $16.16 in premarket trading Modnay. Prior to today’s report, BAC had fallen 4.93% year-to-date, versus a 4.54% gain in the benchmark S&P 500 index during the same period.

You are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (


We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories



Top Global

Top Alternative



Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.