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Wednesday, January 16, 2019

=Bank of America (BAC) reported earnings on Wed 16 Jan 2019 (b/o)

Bank of America beats by $0.07, beats on revs
  • Reports Q4 (Dec) earnings of $0.70 per share, $0.07 better than the S&P Capital IQ Consensus of $0.63; revenues rose 10.7% year/year to $22.89 bln vs the $22.37 bln S&P Capital IQ Consensus.
  • Net interest income of $12.3B ($12.5B FTE) --  Increased $0.8B from 4Q17, reflecting the benefits from higher interest rates as well as loan and deposit growth, modestly offset by loan spread compression and higher funding costs in Global Markets
  • Net interest yield (FTE basis) of 2.48%, up 9 bps
  • Provision for credit losses decreased $96 million to $905 million; Net charge-off ratio declined to 0.39%
  • Efficiency ratio of 58% improved 432 bps

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