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.
Honor 6C Pro announced with 5.2-inch display, 13MP rear camera
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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.
During the past six months, EQT Midstream Partners, LP (NYSE:EQM)'s stock has been -1.85% and -0.90% for the last 12 months. Joseph Piotroski developed the F-Score which employs nine different variables based on the company financial statement.
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.
BidaskClub lowered Activision Blizzard from a "strong-buy" rating to a "buy" rating in a report on Wednesday, June 28th. Jennison Associates LLC boosted its holdings in Activision Blizzard by 82.6% in the 2nd quarter. (NASDAQ: ATVI ).
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.
Sears Holdings Corp (NASDAQ:SHLD) last announced its earnings results on Thursday, May 25th. 92,843 are held by Oz Management L P. Sears Holdings Corporation on 7/30/2017 reported its EPS as $-3.45 with the analysts projecting the EPS of the stock as $-4.06.
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.
"On average, almost 20 people per minute are physically abused by an intimate partner in the United States". One in four men in the United States will become a victim of domestic violence during his lifetime.
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.
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Man nearly dies after fish jumps down his throat
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GIC Re IPO subscribed 81% so far on second day
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