Bank of America beats by $0.03, beats on revs (31.70)
- Reports Q3 (Sep) earnings of $0.81 per share, $0.03 better than the S&P Capital IQ Consensus of $0.78; revenues rose 7.6% year/year to $24.5 bln vs the $23.46 bln S&P Capital IQ Consensus.
- Provision for credit losses of $898 million increased $1.5 billion. Net reserve build of $378 million vs. net reserve release of $1.1 billion in Q3-21. Net charge-offs of $520 million increased 12%. Net interest income (NII)(E) up $2.7 billion, or 24%, to $13.8 billion, driven by benefits from higher interest rates, including lower premium amortization expense, and solid loan growth.
- Average loan and lease balances up $114 billion, or 12%, to $1.0 trillion led by strong commercial loan growth as well as higher credit card balances.