Beats Earnings by ~4% & Beats Revenue expectations by ~1%
Total Revenue: ~$25.4 Bn, up 1% YoY, down 2% QoQ
Net earnings: ~$6.9 Bn, down 7% YoY, up 3% QoQ
Shares up ~1% after results
Key Takeaways:
Consumer Banking Revs: $10.2 Bn, down 3% YoY, flat QoQ
Global Wealth Management Revs: $5.6 Bn, up 6% YoY, flat QoQ
Provisions for Credit Losses: $1.5 Bn, up 34% YoY, up 14% QoQ
CEO Brian Moynihan on Financial Performance:
“Our team produced another strong quarter, serving a growing client base. The growth and profitability of our Global Markets, Global Banking, and Wealth Management businesses complements the strength and earnings power of our leading Consumer Banking business. Our Global Markets business delivered its ninth consecutive quarter of year-over-year revenue growth in sales and trading, earning double-digit returns. Our investments in this business are delivering for our shareholders.”
