Bank of America Third-Quarter Profit Fell

Date : 10/16/2019 @ 11:39AM
Source : Dow Jones News
Stock : Bank of America Corporation (BAC)
Quote : 34.12  -0.24 (-0.70%) @ 1:00AM
After Hours
Last Trade
Last $ 34.16 ▲ 0.04 (0.12%)

Bank of America Third-Quarter Profit Fell

Bank of America (NYSE:BAC)
Historical Stock Chart

6 Months : From Jul 2019 to Jan 2020

Click Here for more Bank of America Charts.
By Rachel Louise Ensign 

Bank of America Corp. said Wednesday that third-quarter profit fell.

Quarterly profit at the Charlotte, N.C.-based bank, the second largest in the U.S. by assets, was $5.78 billion, compared with $7.17 billion a year ago. Per share, earnings were 56 cents. Analysts polled by FactSet had expected 54 cents per share.

Earnings were hit by a $2.1 billion charge related to the coming dissolution of the bank's payment-processing partnership with First Data Corp.

Third-quarter revenue was $22.81 billion, up from $22.72 billion a year ago. Analysts had expected $22.58 billion.

Higher interest rates have boosted banks' performance since the Federal Reserve started raising them in late 2015. That is because banks were able to charge borrowers more interest without having to significantly increase payouts to depositors. The Fed cut rates in the third quarter and banks shifted accordingly.

Bank of America paid 0.76% on interest-bearing deposits in the third quarter, compared with 0.81% in the second quarter.

Write to Rachel Louise Ensign at rachel.ensign@wsj.com

 

(END) Dow Jones Newswires

October 16, 2019 07:24 ET (11:24 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

Latest BAC Messages

{{bbMessage.M_Alias}} {{bbMessage.MSG_Date}} {{bbMessage.HowLongAgo}} {{bbMessage.MSG_ID}} {{bbMessage.MSG_Subject}}

Loading Messages....


No posts yet, be the first! No {{symbol}} Message Board. Create One! See More Posts on {{symbol}} Message Board See More Message Board Posts


Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.


NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.