Bank of America Reports Strong 3Q 2023 Earnings, Beating Estimates

Bank of America reported third-quarter profit that exceeded expectations, driven by stronger-than-expected interest income. Earnings per share were 90 cents, beating the estimated 82 cents, while revenue reached $25.32 billion, slightly surpassing the expected $25.14 billion. The bank's profit rose 10% to $7.8 billion, with interest income rising 4% to $14.4 billion, fueled by higher rates and loan growth. Bank of America's provision for credit losses also came in better than expected. Despite signs of an economic slowdown, CEO Brian Moynihan stated that the bank continued to grow, adding clients and accounts across all lines of business. However, the bank's stock has been the worst performer among its peers due to losses on low-yielding, long-dated securities acquired during the pandemic.