Bank of America (BAC)

[behappyalways]

Bank of America Jumps On Blowout Earnings As Big Banks Feast On Small Bank Corpses
https://www.zerohedge.com/markets/bank- ... nk-corpses

[winston]

not vested

Is Bank of America a Good Stock to Buy?

JEA YU

Key Points

Bank of America was founded as Bank of Italy in 1904 in San Francisco.

It has become the second-largest money center bank in the U.S.

Bank of America stock has a 10-year performance of 153% but a five-year performance of down (1.7%).

3,800 financial centers and 16,000 ATMs. It serves over 67 million customers with 56 million verified digital users.

Bank of America has the second largest brick-and-mortar branch offices at 3,900 compared to JPMorgan Chase & Co. (NYSE: JPM) at 4,700 locations.

Bank of America stock has had an average P/E of 12.61 in the last five years. It had a low P/E of 6.6 on March 23, 2020, and a high P/E of 20.85 on March 30, 2021.

Source: Market Beat

https://www.marketbeat.com/originals/is ... 4A8F75D6B5

[behappyalways]

BofA Ordered To Pay $250 Million For Opening Fake Accounts, Charging Illegal Fees
https://www.zerohedge.com/political/bof ... legal-fees

[behappyalways]

BofA Jumps As Strong Trading Revenues Mask Weakness In Interest Income, Rising Expenses
https://www.zerohedge.com/markets/bofa- ... g-expenses


Do you see what happens Larry when the FDIC does not gift you a failing bank, like it did with First Republic to JPM?

BofA Net Interest Income drops for a 2nd quarter despite soaring rates.


https://twitter.com/zerohedge/status/16 ... 3992009728

[winston]

not vested

Bank of America’s (BofA) profit rose nearly 20 per cent in the second quarter as it earned more from customers’ loan payments, while its investment banking business fared better than expected.

The bank reported a 7 per cent rise in investment banking fees to US$1.2 billion. That contrasts with peers whose earnings suffered from a dealmaking drought that has persisted for months.

BofA’s net interest income (NII) rose 14 per cent to US$14.2 billion in the second quarter, while its consumer banking unit revenue rose 15 per cent to US$10.5 billion.

Net income applicable to common shareholders rose to US$7.10 billion, or 88 US cents per diluted share, for the three months ended Jun 30, compared with US$5.93 billion, or 73 US cents per diluted share, a year earlier.

Source: Phillips

[winston]

not vested

Bank of America is keeping its guidance unchanged for expenses and net interest income (NII) for the second half of the year.

“We have not given up the fight,” chief financial officer Alastair Borthwick said at a conference hosted by Barclays on Monday (Sep 11).

“The key will be for us to drive organic growth and maintain expense discipline.”

The CFO reiterated previous forecasts for NII – the revenue collected from loan payments minus what depositors are paid – at about US$14.2 billion to US$14.3 billion for the third quarter and US$14 billion for the fourth.

Still, Borthwick said it’s going to be harder to keep NII at current levels.

“I think that’s why we’re so focused on expense discipline,” he said.

“At the same time, we’re pretty good at this.”

The bank still projects expenses to be around US$15.6 billion for the quarter, compared to US$15.4 billion in the fourth quarter of last year.

Source: Phillips

[behappyalways]

BofA HTM losses soar to $131.6 billion, up $26 billion in Q3 and the highest on record.
https://twitter.com/zerohedge/status/17 ... 9482524045


BofA Nonperforming loans increased $0.7B from 2Q23, to $4.8B, driven primarily by CRE
https://twitter.com/zerohedge/status/17 ... 8911535555


BofA Reports Best Ever Q3 Earnings Even As Held-To-Maturity Losses Soar By $26 BIllion To Record High
https://www.zerohedge.com/markets/bofa- ... cord-hiigh

[winston]

not vested

This Buffett Stock is a No-Brainer Buy Right Now (down nearly 20% YTD)

by Keith Speights

Berkshire Hathaway (BRK.A) (BRK.B) owns over $28 billion of this beaten-down stock.

The primary culprit behind Bank of America’s dismal stock performance so far in 2023 is the banking crisis that erupted earlier this year.

Bank of America already ranked as Berkshire’s second-largest holding before the banking crisis began. What was Buffett’s response? He scooped up more shares of BofA in the first quarter of 2023.

The company has four business segments — consumer banking, global wealth and investment management, global banking, and global markets — that allow it to participate in all areas of the banking industry.

It also boasts an exceptionally strong financial position.

Bank of America has steadily increased its dividend over the last 10 years and currently offers a juicy yield of over 3.5%.

Bank of America is too strong to be a victim of the banking crisis.

BofA “lead[s] the industry in digital banking” .

Source: The Motley Fool

https://dailytradealert.com/2023/10/22/ ... ly-20-ytd/

[winston]

not vested

1Q Earnings

Bank of America on Tuesday reported first-quarter earnings that topped analysts’ estimates for profit and revenue on better-than-expected interest income and investment banking.

The bank said profit fell 18% to $6.67 billion, or 76 cents a share; excluding a $700 million FDIC assessment, profit was 83 cents a share.

Revenue slipped 1.6% to $25.98 billion as net interest income declined from a year earlier.

Net interest income, or the difference in between what the company earns from loans and investments and what it pays customers for their deposits, was $14.19 billion, topping the $13.93 billion StreetAccount estimate.

Source: Phillips

[winston]

not vested

2Q Earnings

Bank of America on Tuesday said second-quarter revenue and profit topped expectations on rising investment banking and asset management fees.

The company reported earnings of 83 cents per share vs. 80 cents per share estimated while revenue came in at US$25.54 billion vs. US$25.22 billion estimated.

The bank said profit slipped 6.9% from the year earlier period to US$6.9 billion, or 83 cents a share, as the company’s net interest income declined amid higher interest rates.

Revenue climbed less than 1% to US$25.54 billion.

The firm was helped by a 29% increase in investment banking fees to US$1.56 billion, edging out the US$1.51 billion estimate.

Asset management fees rose 14% to US$3.37 billion, buoyed by higher stock market values, helping the firm’s wealth management division post a 6.3% increase in revenue to US$5.57 billion, essentially matching estimate.

Net interest income slipped 3% to US$13.86 billion, also matching estimates.

Source: Phillips