Posted 10/17/2023, 10:47:03 AM
Bank of America Beats Expectations as Higher Rates Boost Profits Despite Market Slump
- BofA beat profit estimates on higher interest income and investment banking gains
- Consumer spending remained resilient, driving revenue growth in consumer banking and credit/debit card spending
- Investment banking and trading revenues also beat expectations, bucking industry slump
- Net interest income rose with higher interest rates, matching trends seen at other major banks
- BofA reported $131.6 billion in unrealized securities losses, up from $106 billion last quarter
