- Q3 net income of $5B or $0.41 per share vs. $4.6B and $0.38 one year ago, with revenues up 3% Y/Y to $21.6B.
- Noninterest expenses down 3% to $13.5B. Provisions of $850M up from $806M. Net charge-offs of $888M vs. $932M.
- ROA of 0.90%; ROTCE of 10.3%. Book value per share of $24.19 up 8%; tangible book value per share of $17.14 up 11%. Friday's close was $16.24. $2.2B of capital returns during quarter ($1.4B in buybacks and $800M of dividends). CET1 ratio of 10.9% up 40 bps during quarter.
- Consumer Banking net income of $1.813B vs. $1.757B a year ago. Noninterest expense of $4.371B down from $4.711B. Average deposits and average loans both climbed. Mortgage production of $20.4B up from $16.9B. Mobile banking active users of 21.3M up from 18.4M. Branches down to 4,629 from 4,741. Efficiency ratio of 55% improves from 59%.
- Global Wealth and Investment Management net income of $697M vs. $632M a year ago. Expenses of $3.257B down from $3.470.
- Global Banking net income of $1.553B up from $1.278B a year ago.
- Global Markets net income of $1.074B up from $800M a year ago, with revenue jumping to $4.486B from $3.738B. Sales and trading revenue of $3.7B up 18%; FICC revenue up 39%; equities revenue down 17%.
- Conference call at 8:30 ET
- Previously: Bank of America beats by $0.08, beats on revenue (Oct. 17)
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BAC +1% premarket