Bank of America Corp. (NYSE: BAC | BAC Price Prediction) reported its most recent quarterly results before the opening bell on Wednesday. The company said that it had $0.40 in earnings per share (EPS) and $22.8 billion in revenue, which compares with consensus estimates that called for $0.46 in EPS and revenue $22.91 billion. The first quarter of last year reportedly had EPS of $0.70 and $23.16 billion in revenue.
During the most recent quarter, average loan and lease balances in the business segments rose 6%, year over year to $954 billion. Ending loan balances rose 7% to $1.0 trillion. Average deposit balances rose 6% to $1.4 trillion, and ending deposit balances increased 10% to $1.6 trillion. Book value per share totaled $27.84, while tangible book value per share came in at $19.79.
In terms of its segments, Bank of America reported as follows:
- Consumer Banking revenues decreased 5% to $9.13 billion, with a net income of $1.79 billion.
- Global Wealth and Investment Management revenues increased 2.4% to $4.94 billion, with a net income of $866 million.
- Global Banking revenues decreased 10.8% to $4.60 billion, with a net income of $136 million.
- Global Markets revenue increased 25% to $5.23 billion, with a net income of $1.71 billion.
Brian Moynihan, board chair and chief executive, commented:
Our results reflect the strength of our balance sheet, the diversity of our earnings, and the resilience of our teammates to serve clients around the world. Despite increasing our loan loss reserves, we earned $4 billion this quarter, maintained a significant buffer against our most stringent capital requirement, and ended the quarter with more liquidity than when we began.
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Bank of America stock traded down about 6% early Wednesday, at $22.28 in a 52-week range of $17.95 to $35.72. The consensus price target is $26.76.
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