3 Important Things We Just Learned From Bank of America [Yahoo! Finance]
Bank of America Corporation (BAC)
Last bank of america corporation earnings: 4/15 06:45 am
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US:NYSE Investor Relations:
investor.bankofamerica.com
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Source: Yahoo! Finance
Although the bank's results topped analyst expectations, its stock fell after its report. Below, I'll dive into those metrics and why they could be important to keep an eye on. 1. Net interest income remains under pressure Bank of America's net interest income (NII) fell 3% in the quarter to $14.2 billion on a fully taxable equivalent basis, down from $14.6 billion a year earlier. NII is the difference what the company earns on its loans compared to what it pays for deposits and other funds; it's the company's largest source of income. The biggest culprit for this decline came from higher-cost deposits. Bank of America saw a 17% decline in its total non-interest-bearing deposits (essentially costless money), which fell to $521 billion. Meanwhile, interest-bearing deposits rose 10% to $1.39 trillion. This shift is leading deposit costs to outpace the interest on the bank's loans. During the quarter, Bank of America saw its net interest yield fall from 2.85% a year ago to 2.5%
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News
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- Spinneys' $375 Million Dubai IPO Draws Orders Worth $19 Billion [BNN Bloomberg (Canada)]BNN Bloomberg
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Earnings
- 4/16/24 - Beat
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Sec Filings
- 4/30/24 - Form S-8
- 4/30/24 - Form IRANNOTICE
- 4/30/24 - Form 10-Q
- BAC's page on the SEC website