Bank of America profit rises 15 percent on lower costs
13 October, 2017, 15:53 | Author: Regina Silva
Bank of America reported higher third-quarter profits Friday following a strong performance in consumer banking due to increased interest rates, offsetting weakness in trading.
Moynihan and his executives have promised for years that the bank will boost revenue from lending whenever interest rates rise.
Trading revenue at Bank of America, excluding an accounting adjustment, fell 15% to $3.15 billion from $3.73 billion in last year's third quarter. Its efficiency ratio, which measures expenses as a percentage of revenues, came in at 60 percent - in line with management's long-term target. Citigroup said net income rose 8 percent to $4.13 billion, or $1.42 a share.
Benefiting from higher Federal Reserve interest rates, the lender's net interest income rose 9.4 percent to $11.16 billion.
Isaiah Thomas says he may never talk to Danny Ainge again
That appears to be the case with Thomas, who spoke about his Boston exit in a candid interview with SI's Lee Jenkins . Then came the Celtics' decision to trade him to the Cavaliers in order to get a younger and healthier Kyrie Irving .
BofA's large stock of deposits and rate-sensitive mortgage securities make the lender particularly dependent on a rise in interest rates to boost profits.
Net income attributable to common shareholders rose to $5.12 billion in third quarter ended September 30 from $4.45 billion in the year-ago period. Per-share earnings of 48 cents were up from a year earlier and topped analyst expectations of 45 cents a share. The bank and other major lenders warned that trading revenue would be under pressure. Expenses declined 2.5% to $13.1 billion, compared with estimates of $13.3 billion.
Total revenue grew by 1% to US$22.08bn from US$21.86nm, a year earlier, again beating Wall Street's expectations for US$21.98bn. Mr. Moynihan has made cost cutting a key tenet of his business strategy and a year ago promised to cut $5 billion in annual expenses by 2018.
On the storage front, the device gets an onboard capacity of 8GB, which can be further expanded using a microSD card. The Samsung Galaxy J2 (2017) draws its energy from a 2,000mAh removable battery and it runs on Android OS.
Laidlaw was nominated for a 2010 BAFTA Games Award for Best Story in Dragon Age: Origins along with Ray Muzyka and Greg Zeschuk. In my time at BioWare I have been lucky to work with some of the most talented and hardworking people in the industry.
The Westerners were last seen in a hostage video released in December 2016 pleading for their governments to intervene. She appeared to find a kindred adventurous spirit in Boyle, whom she met as a teenager and Wednesday in 2011.
The steering wheel comes with a carbon-fibre upper and lower, as well as black Alcantara grips and a Delta Red centring stripe. The wheels of both cars are the same 5-spoke design, finished in satin black on the coupe and gloss black on the convertible.
The aim of the new partnership is so that BMW can increase production volumes and its market share in the EV segment. The company already has an alliance with Brilliance Auto to produce its range of cars, including China-only models.
Idlib is largely controlled by Hayat Tahrir al-Sham (HTS) which has ousted more moderate rebels in recent months. In a statement, the Turkish Armed Forces said soldiers had begun establishing observation points.
According to Arquette, Weinstein invited her to his hotel room to seemingly discuss a script, but forced her hand onto his crotch. Fonda, an Academy Award victor , spoke to Amanpour about her own past experiences with sexual harassment and abuse.
When we have been seen snap of a longer-term MA 200-day then it shown damaging position along a downward movement of -12.91%. The insider Wilson Laurence sold $88,303. $30,236 worth of Facebook Inc (NASDAQ:FB) was sold by Desmond-Hellmann Susan.
Yorktown Management & Research Co Inc decreased Express Scripts Hldg Co ( ESRX ) stake by 78.57% reported in 2017Q2 SEC filing. The stock of Express Scripts Holding Company (NASDAQ:ESRX) earned "Sell" rating by Deutsche Bank on Monday, February 22.
Uber appeals London decision to pull its license
Uber will continue to operate in London throughout the whole appeal process, which could take up to a year or more. Black-cab drivers say Uber is artificially driving down fares to a level that will not be sustainable.
Nadal eases into last eight of Shanghai Masters
World number one Rafael Nadal reaches the Shanghai Masters semi-finals with a three-set victory over Grigor Dimitrov . Marin Čilić of Croatia progressed with a 7-6, 6-4 win over American Steve Johnson.
Gambit Release Date Confirmed
Gambit always was known for being a romantic, so it's only appropriate that his movie is opening on Valentine's Day. Though Tatum had joined the X-men world a few years ago, his standalone project has been struggling to take off.