Bank of America tops profit estimates on better-than-expected interest income
Publishing timestamp: 2023-10-17 12:11:08
Summary
Bank of America reported better-than-expected earnings and revenue for the third quarter. The bank's CEO, Brian Moynihan, noted that consumer spending is slowing. Bank of America's stock has underperformed compared to its peers due to its investments in low-yielding securities during the pandemic. The bank's net interest income has been pressured, but management expects it to begin growing again in mid-2024.
Sentiment: MIXED
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Source: https://www.cnbc.com/2023/10/17/bank-of-america-bac-earnings-3q-2023.html