Posted by on October 14, 2021 5:01 pm
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Categories: Breaking News Epoch Times News

US Banks Release Glowing 3Q Earnings as Sector Moves on From Pandemic

From JPMorgan Chase to Citigroup, some of America’s largest banks released their quarterly earnings results this week, and the numbers suggest that these financial institutions are leaving behind the coronavirus pandemic. Bank stocks could extend their rally now that the latest figures show businesses and individuals are borrowing again. Bank of America Beats Analysts’ Forecasts The Bank of America topped estimates in its third-quarter earnings results, confirming better-than-expected loan losses and record advisory and asset management fees. According to the second-largest bank in the United States, profits advanced 58 percent to $7.7 billion, buoyed by revenues surging 12 percent to $22.87 billion. As a result, earnings came in at 85 cents a share, exceeding analysts’ projections of 71 cents. Net interest income rose ten percent to $11.1 billion, beating forecasts of $10.6 billion. Loan balance growth, which allows banks to generate greater interest income, picked up an annualized nine percent …

Originally appeared on The Epoch Times

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