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Bank of America Corp (NYSE: BAC ) stock is up today following the release of its earnings report for the third quarter of 2017.
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Here are a few things to know about Bank of America Corp's recent third quarter earnings.
- BAC reported earnings per share of 48 cents on revenue of $21.84 billion.
- Wall Street was expecting the banking company to report earnings per share of 45 cents on revenue of $21.98 billion in the quarter.
- The company reported earnings per share of 41 cents on revenue of $21.64 billion in the third quarter of 2016.
- Net income reported in the third quarter of 2017 was $5.59 billion, which is up from the $4.96 billion reported during the same time last year.
- Bank of America Corp reported that Consumer Banking revenue increased by 10% to $8.8 billion in Q3.
- Global Wealth and Management revenue reported by BAC was up 6% to $4.6 billion in the quarter.
- The company's Global banking revenue for the quarter was $5.0 billion, which represents a 5% increase from the same period in the year prior.
- Bank of America Corp notes that its global sales and trading revenue for the quarter was down 15%.
- This includes a 22% drop to FICC and a 2% increase to equities.
- The company also notes that it repurchased $3 billion worth of BAC stock during its third quarter of the year.
"Client activity remained strong across the franchise," Paul Donofrio, CFO of Bank of America Corp, said in a statement . "Year over year, we grew average deposits by $45 billion, or 4 percent, and increased average loan balances in our business segments by $46 billion, or 6 percent."
BAC stock was up 1% as of Noon Friday and is up 17% year-to-date.
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As of this writing, William White did not hold a position in any of the aforementioned securities.
The post Bank of America Corp (BAC) Earnings: 10 Things to Know About Q3 appeared first on InvestorPlace .
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
