BAC - These Analysts Boost Their Forecasts On Bank of America Following Better-Than-Expected Earnings | Benzinga
Bank of America Corp (NYSE:BAC) reported better-than-expected second-quarter results on Tuesday.
The company posted second-quarter fiscal 2024 net income of $6.9 billion and EPS of 83 cents, beating the analyst consensus estimate of 80 cents, according to data from Benzinga Pro.
Revenue, net of interest expense, increased 0.8% year-over-year to $25.54 billion, beating the analyst consensus estimate of $25.22 billion.
The net interest income was $13.7 billion (-3.0% Y/Y), as higher deposit costs more than offset higher asset yields and modest loan growth. Noninterest income was $11.7 billion (+6.0% Y/Y). Provision for credit losses was $1.5 billion, compared to $1.1 billion a year ago.
CFO Alastair Borthwick said, “We announced plans for ...