Bank of America: better-than-expected quarterly EPS
(CercleFinance.com) - Bank of America indicates that it has accumulated net profit down 16% to 4.
9 billion dollars for the third quarter of 2020, or 51 cents per share, nevertheless representing an EPS two cents above analysts' average estimates.
Revenue, net of interest expense, decreased 11% to 20.3 billion dollars, with a fall of 17% in net interest income because of lower rates, whilst provision for credit losses increased to 1.4 billion dollars, driven by COVID-19.
The financial institution, based in Charlotte (North Carolina), meanwhile emphasises an improvement in its CET1 Ratio of 50 basis points to 11.9% and a Tangible Book Value per share up 5% to 20.23 dollars.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
9 billion dollars for the third quarter of 2020, or 51 cents per share, nevertheless representing an EPS two cents above analysts' average estimates.
Revenue, net of interest expense, decreased 11% to 20.3 billion dollars, with a fall of 17% in net interest income because of lower rates, whilst provision for credit losses increased to 1.4 billion dollars, driven by COVID-19.
The financial institution, based in Charlotte (North Carolina), meanwhile emphasises an improvement in its CET1 Ratio of 50 basis points to 11.9% and a Tangible Book Value per share up 5% to 20.23 dollars.
Copyright (c) 2020 CercleFinance.com. All rights reserved.