From left, CEOs Charles Scharf, Wells Fargo, Brian Moynihan, Bank of America and Jamie Dimon, JP Morgan Chase, testify during a Senate Banking, Housing and Urban Affairs Committee hearing on « Annual Oversight of Wall Street Firms » at the Hart Building. Wednesday, December 6, 2023.
Tom Williams | Cq-roll Call, Inc. | Good pictures
- Earnings: 83 cents a share vs. LSEG estimate of 80 cents a share
- Revenue: $25.54 billion versus $25.22 billion estimate
The bank's profit fell 6.9% from a year earlier to $6.9 billion, or 83 cents a share, as the company's net interest income fell amid higher interest rates. Revenue rose less than 1% to $25.54 billion.
Net interest income fell 3% to $13.86 billion, matching Street estimates.
Bank of America said in a slide that the difference between making bank loans and paying for depositors' savings will rise to about $14.5 billion in the fourth quarter of this year. presentation. Executives told investors in April that net interest income would decline in the second quarter.
This operation, known as NII, is one of the main ways banks make money.
Wells Fargo shares fell on Friday after it released disappointing NII figures, showing how investors are fixated on the metric.
Last week, JP Morgan Chase, Wells Fargo and Citigroup topped expectations for earnings and profits, a streak that Goldman Sachs continued on Monday, helping Wall Street activity again.
This story is developing. Check back for updates.
