Bank of America GAAP EPS of $0.81 beats by $0.03, revenue of $24.5B beats by $1.04B

Oct. 17, 2022 6:45 AM ETBank of America Corporation (BAC)By: Gaurav Batavia, SA News Editor17 Comments
  • Bank of America press release (NYSE:BAC): Q3 GAAP EPS of $0.81 beats by $0.03.
  • Revenue of $24.5B (+8% Y/Y) beats by $1.04B.
  • Revenue Grew led by 24% Improvement in Net Interest Income to $13.8 Billion.
  • Client balances of $1.6 trillion, up 1%4
  • Average deposits of more than $1 trillion, up $68 billion, or 7%
  • Combined credit/debit card spend of $218 billion, up 9%
  • Provision for credit losses of $898 million increased $1.5 billion – Net reserve build of $378 million vs. net reserve release of $1.1 billion in Q3-21 – Net charge-offs of $520 million increased 12%.

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