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Bank of America tops analysts’ expectations amid higher interest rates


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Brian Moynihan, CEO of Bank of America Corp., during a Senate Banking, Housing and Urban Affairs Committee hearing in Washington, D.C., Sept. 22, 2022.
Al Drago | Bloomberg | Getty Images

Bank of America

Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv:

Earnings: 88 cents a share, vs. expected 84 centsRevenue: $25.33 billion, vs. expected $25.05 billion

While analysts expected Bank of America to be one of the top beneficiaries of rising interest rates, it hasn’t played out that way. The company’s net interest income, one of the main drivers of a bank’s revenue, has been under pressure lately as loan and deposit growth has slowed.

Bank of America shares have declined about 11% this year, compared with the approximately 20% decline of the KBW Bank Index.

This month, the Consumer Financial Protection Bureau said it fined the Charlotte, North Carolina-based bank for customer abuses including fake accounts and bogus fees. Analysts may ask CEO Brian Moynihan if the problems have been resolved.

On Friday, JPMorgan ChaseCitigroupWells Fargoearnings that topped analysts’ expectations amid higher interest rates. Morgan StanleyGoldman Sachs

This story is developing. Please check back for updates.

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