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Strategies & Market Trends : Buy and Sell Signals, and Other Market Perspectives -- Ignore unavailable to you. Want to Upgrade?

To: GROUND ZERO™ who wrote (180865)	10/17/2022 9:54:16 AM
From: Sdgla	1 Recommendation Recommended By GROUND ZERO™ Respond to of 220749

Bank of America Profit Falls 8% By Ben Eisen Bank of America is out with third-quarter earnings this morning. The numbers are in line with the other big banks, which said last week that they were socking away money in case of a recession. Here are the highlights: The nation’s second-largest bank earned $7.1 billion, down 8% from $7.7 billion a year earlier. That amounts to 81 cents per share. Analysts expected 78 cents, according to FactSet. Revenue rose 8% to $24.5 billion. Analysts expected $23.5 billion. The bank added $378 million to its reserves to cover potential loan losses. Net interest income jumped 24% to $13.8 billion because the bank earned more from lending money as rates rose. Noninterest income fell 8% to $10.7 billion. A dealmaking drought caused investment-banking fees to fall 46% to $1.2 billion. Morgan Stanley and other Wall Street banks reported similar declines. Trading revenue rose 13% to $4.1 billion during a turbulent quarter for markets. The bank took a $354 million charge to help pay for a settlement over financial crisis-era mortgages, its last major litigation tied to its 2008 purchase of Countrywide Financial. That helped drive up expenses by 6% to $15.3 billio