Bank of America Corp on Tuesday reported first-quarter revenue that fell short o...
- Bank of America Corp on Tuesday reported first-quarter revenue that fell short of expectations and predicted that net interest income would rise half as fast this year, sending its shares down.
JPMorgan Chase & Co, the country’s biggest bank by assets, has been the exception. It increased revenue and beat expectations while seeing expenses rise as it invests in new technology. The bank saw 3 percent growth in consumer loans and 4 percent growth in loans to businesses in the first quarter, allowing it to capture more revenue from higher U.S. interest rates. The company reported a 5 percent increase in deposits from a year earlier.Donofrio said growth in the bank’s deposits and loans suggested the performance of the U.S. economy remained solid despite recession concerns.
The lender has benefited from the central bank’s four rate hikes in 2018. It relies heavily on higher interest rates to maximize profits as it has a large deposit pool and retains rate-sensitive mortgage securities.
इंडिया ताज़ा खबर, इंडिया मुख्य बातें
Similar News:आप इससे मिलती-जुलती खबरें भी पढ़ सकते हैं जिन्हें हमने अन्य समाचार स्रोतों से एकत्र किया है।
Bank of America profit tops estimates on growing loan bookBank of America Corp reported a better-than-expected rise in quarterly profit on...
और पढो »
Bank of America posts another record quarterly profit on strength of Main Street lendingCEO Brian Moynihan has focused on methodically trimming costs while looking for profit opportunities that fit his 'responsible growth' mantra
और पढो »
Bank of America will hike its minimum wage to $20Bank of America is raising its minimum pay to $20 an hour for its more than 205,000 employees.
और पढो »
Bank of America to raise minimum wage to $20 an hour by 2021The company's announcement comes as Democratic lawmakers push legislation to raise the federal minimum wage from the current $7.25 to $15 per hour by 2024 amid a tight labor market.
और पढो »
Bank of America is creating a digital financial coach to chase the 'holy grail' of bankingBank of America's new program is the latest evolution for an industry in the throes of change.
और पढो »
Stocks making the biggest moves premarket: J&J, Bank of America, BlackRock, Netflix & moreSome of the names on the move ahead of the open.
और पढो »
Bank of America shares edge lower as first-quarter revenue falls shortBank of America Corp. said Tuesday it had net income of $7.3 billion, or 70 cents a share, in the first quarter, up from $6.9 billion, or 62 cents a share,...
और पढो »
Bank of America Reports Rise in ProfitBank of America’s first-quarter profit rose as a healthy U.S. economy led to a strong performance in its massive consumer business.
और पढो »