Bank Of America Results Beat Estimates -Trading Revenue, Cost Cutting Support – Buyers Rush In
Bank of America Corp is the fourth bank to report third-quarter earnings results after a trio of U.S lenders had surprised markets with better-than-expected data. Mingling with the positive tone of its rivals, Bank of America reported pretax profit that was at its highest in a decade.
Thanks to rising bond trading and Chief Executive Brian Moynihan’s cost-cutting campaign, the second-largest U.S. bank by assets was paid off with first profit increase in three quarters. In the three-month period through September, the bank generated a profit of $4.96 billion, or 41 cents a share, up from $4.62 billion, or 38 cents a share, in the same period of 2015.
Furthermore, revenue added 3% to $21.64 billion, beating the $20.97 billion expected by analysts. Meanwhile, expenses declined 3.3% to $13.48 billion, from $13.94 billion a year ago. Mr. Moynihan promised to continue to cut annual expenses by $5 billion by 2018.
Bank of America Trade suggestion
Buy Stop at 16.05, Stop loss at 15.90, Take profit at 16.20