Wednesday , January 27 2021

Earnings expectations for the Bank of America in the first quarter

The Egyptian people

The Bank of America's revenues began to drop from expectations in the first quarter of the year, but their revenues exceeded speculation, as the bank reduced its costs and developed the loan portfolio.

The second-largest US asset bank recorded an increase of 3 per cent in individual loans and four per cent in corporate loans in the first quarter, allowing it to absorb more interest income from the United States.

Revenues increased in two of the four main sectors of the Bank.

Net interest income, the difference between bank loans and deposits, rose 5 percent to $ 12.38 billion. Average deposits also rose 5 percent to $ 1.36 trillion.

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Total trading income fell by 17 percent, with stock trading earnings dropping 22 percent, and fixed income revenue declined by 8 percent.

Net profit for ordinary shareholders rose 6 percent to 6.87 billion dollars.

Revenues dropped slightly to 23 billion dollars from $ 23.1 billion a year earlier, down from analysts' expectations of $ 23.3 billion.

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