Bank of America profit rises 15 percent on lower costs

13 October, 2017, 15:53 | Author: Regina Silva
  • A customer leaves a Bank of America ATM kiosk in Boston Massachusetts U.S

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.

Celgene Corporation (CELG) Shares Sold by First Mercantile Trust Co
Capital Advisors Limited Liability Company holds 2,791 shares. 1832 Asset Mngmt Ltd Partnership holds 0.2% or 348,134 shares. It dropped, as 19 investors sold BBG shares while 40 reduced holdings. 67 funds opened positions while 153 raised stakes.


Honor 6C Pro announced with 5.2-inch display, 13MP rear camera
It is backed by a 3GB of RAM clubbed with 32GB of inbuilt storage, and it is further expandable via microSD card (up to 128GB). The Huawei Honor 6C Pro is equipped with a 5.2 inch High Definition display that features a resolution of 1280 x 720 pixels.


The Hype Behind Vertex Pharmaceuticals Incorporated (VRTX), Brocade Communications Systems, Inc. (BRCD)
Currently, 252.47 million total shares are owned by the public and among those 250.98 million shares have been available to trade. The funds in our partner's database now own: 324.45 million shares, up from 320.11 million shares in 2017Q1. (NASDAQ: BRCD ).


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.

Recommended:

  • Tottenham's Harry Kane named Premier League Player of the Month for September

    Tottenham's Harry Kane named Premier League Player of the Month for September

    It is going to be tough for the visiting team to pick up even a point from the encounter, given the quality of players that Spurs have on their books.
    Antero Midstream GP LP (AMGP) to Issue Dividend Increase - $0.06 Per Share

    Antero Midstream GP LP (AMGP) to Issue Dividend Increase - $0.06 Per Share

    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.
    Samsung could unveil Bixby version 2.0 next week

    Samsung could unveil Bixby version 2.0 next week

    News out for South Korea today suggests that some Bixby improvements could be coming soon, though. But the big announcement here could be in the form of a new version of Bixby.
  • Samsung Galaxy S9 May Feature Front Camera With 3D Sensor

    Samsung Galaxy S9 May Feature Front Camera With 3D Sensor

    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.
    Strike balance between national and humanitarian interest, SC on Rohingya issue

    Strike balance between national and humanitarian interest, SC on Rohingya issue

    Furthermore, the Supreme Court also added that Rohingyas can not be deported till the matter is being heard in the court. I came from British Burma to British India", he also said.

    Activision Blizzard, Inc (ATVI) Stock Rating Upgraded by Vetr Inc

    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 ).
  • Sen. Schatz on Trump's Threat to NBC

    Sen. Schatz on Trump's Threat to NBC

    President: Are you recanting of the Oath you took on January 20 to preserve, protect, and defend the 1st Amendment?" Sen. He called the report "pure fiction, made up to demean", adding, "NBC=CNN".
    Turkish forces launch incursion into Syria

    Turkish forces launch incursion into Syria

    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.

    Quarterly Financial Watch for Sears Holdings Corporation (NASDAQ:SHLD)

    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.
  • Pakistan Army recovers five foreign hostages

    Pakistan Army recovers five foreign hostages

    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.
    New team advocating for domestic violence victims launches in St. Johns County

    New team advocating for domestic violence victims launches in St. Johns County

    "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.
    BioWare senior creative director Mike Laidlaw announces his departure

    BioWare senior creative director Mike Laidlaw announces his departure

    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.


Popular

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.

DJI unveils new high-quality drone camera
Wow right? If you are a Inspire 2 owner I'm sure you are digging through your credit card balances about now to get one. The four lenses now available have maximum apertures of f/2.8 with focal lengths at 16mm, 24mm, 35mm and 50mm.

Express Scripts Holding Company (ESRX) Given Consensus Recommendation of "Hold" by Brokerages
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.

McLaren MSO R Coupe and Spider officially revealed
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.

Jane Fonda Is "Ashamed" She Didn't Speak Up About Harvey Weinstein Sooner
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.

SC refuses to relax ban on crackers in NCR, rejects traders
The bench, however, indicated that it had not put any ban on bursting of crackers. The outlaw will now go only after November 1, 2017.

BMW may partner with Great Wall to expand Chinese production
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.

Boyfriend of slain Maryland teacher reportedly indicted for murder
Police had information from local witnesses that Tessier had been frequenting the area where Wallen's body was found in Damascus. A grand jury has indicted Tyler Tessier on a murder charge in the slaying of his pregnant girlfriend, court documents say.

Man nearly dies after fish jumps down his throat
After the patient arrived at hospital, he was able to respond to some questions, and has since made a full recovery. Members of Boscombe Pier Sea Anglers performed CPR on their friend before the arrival of emergency crews.

GIC Re IPO subscribed 81% so far on second day
GIC Re's IPO could fetch about '9,804 to the government and remaining Rs 1,568.64 crore to GIC Re. The offer, which will raise nearly Rs. 12,000 crore, will close for subscription on Friday.