Bank of America Third-Quarter Profit Fell
16 Octobre 2019 - 1:39PM
Dow Jones News
By Rachel Louise Ensign
Bank of America Corp. said Wednesday that third-quarter profit
fell.
Quarterly profit at the Charlotte, N.C.-based bank, the second
largest in the U.S. by assets, was $5.78 billion, compared with
$7.17 billion a year ago. Per share, earnings were 56 cents.
Analysts polled by FactSet had expected 54 cents per share.
Earnings were hit by a $2.1 billion charge related to the coming
dissolution of the bank's payment-processing partnership with First
Data Corp.
Third-quarter revenue was $22.81 billion, up from $22.72 billion
a year ago. Analysts had expected $22.58 billion.
Higher interest rates have boosted banks' performance since the
Federal Reserve started raising them in late 2015. That is because
banks were able to charge borrowers more interest without having to
significantly increase payouts to depositors. The Fed cut rates in
the third quarter and banks shifted accordingly.
Bank of America paid 0.76% on interest-bearing deposits in the
third quarter, compared with 0.81% in the second quarter.
Write to Rachel Louise Ensign at rachel.ensign@wsj.com
(END) Dow Jones Newswires
October 16, 2019 07:24 ET (11:24 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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