Post a Free Blog

Submit A Press Release

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Filter by Categories
Action
Animation
ATP Tour (ATP)
Auto Racing
Baseball
Basketball
Boxing
Breaking News
Business
Business
Business Newsletter
Call of Duty (CALLOFDUTY)
Canadian Football League (CFL)
Car
Celebrity
Champions Tour (CHAMP)
Comedy
CONCACAF
Counter Strike Global Offensive (CSGO)
Crime
Dark Comedy
Defense of the Ancients (DOTA)
Documentary and Foreign
Drama
eSports
European Tour (EPGA)
Fashion
FIFA
FIFA Women’s World Cup (WWC)
FIFA World Cup (FIFA)
Fighting
Football
Formula 1 (F1)
Fortnite
Golf
Health
Hockey
Horror
IndyCar Series (INDY)
International Friendly (FRIENDLY)
Kids & Family
League of Legends (LOL)
LPGA
Madden
Major League Baseball (MLB)
Mixed Martial Arts (MMA)
MLS
Movie and Music
Movie Trailers
Music
Mystery
NASCAR Cup Series (NAS)
National Basketball Association (NBA)
National Football League (NFL)
National Hockey League (NHL)
National Women's Soccer (NWSL)
NBA Development League (NBAGL)
NBA2K
NCAA Baseball (NCAABBL)
NCAA Basketball (NCAAB)
NCAA Football (NCAAF)
NCAA Hockey (NCAAH)
Olympic Mens (OLYHKYM)
Other
Other Sports
Overwatch
PGA
Politics
Premier League (PREM)
Romance
Sci-Fi
Science
Soccer
Sports
Sports
Technology
Tennis
Thriller
Truck Series (TRUCK)
True Crime
Ultimate Fighting Championship (UFC)
Uncategorized
US
Valorant
Western
Women’s National Basketball Association (WNBA)
Women’s NCAA Basketball (WNCAAB)
World
World Cup Qualifier (WORLDCUP)
WTA Tour (WTA)
Xfinity (XFT)
XFL
0
-- Advertisement --spot_img
HomeBusinessShould You Buy Bank of America?

Should You Buy Bank of America?

Add to Favorite
Added to Favorite

 

Bank of America (NYSE: BAC) Earnings more than doubled from a year ago, coming in at $8.1 billion, up from $4 billion in last year’s first quarter. The bank posted earnings of 86 cents a share on sales of $22.8 billion   and topping analyst expectations for earnings of 66 cents a share on $21.9 billion in revenue.

“While low interest rates continued to challenge revenue, credit costs improved and we believe that progress in the health crisis and the economy point to an accelerating recovery,” Brian Moynihan, chief executive of  Bank of America, said in a statement.

Bank of America said it expects to return more capital to shareholders when the Fed lifts those restrictions, adding that it had roughly $35 billion in excess capital above the 9.5% common equity Tier 1 requirement.

Weaker net interest income was offset by a 19% jump in non interest income, which rose to $12.6 billion, thanks to strong capital markets and investment banking activity.  Bank of America recorded investment banking fees of $2.2 billion and record equity underwriting fees of $900 million, which climbed 218%. The fixed income trading climbed 22% to $3.3 billion while equity trading climbed 10% to $1.8 billion.

Bank of America’s shares rose 0.6% in premarket trading after the lender’s first-quarter profit benefited from a $2.7 billion reserve release and gains in trading and investment banking units.

Subscribe to get Latest News Updates

Latest News

You may like more
more