REUTERS/Shannon Stapleton
Bank of America Merrill Lynch beat Wall Street estimates for third-quarter earnings Friday.
The bank reported earnings of $0.48 per share, even with the second quarter and beating analysts estimates of $0.46 per share.
"Our focus on responsible growth and improving the way we serve customers and clients produced another quarter of strong results," said Bank of America CEO Brian Moynihan in statement. "Revenue across our four lines of business grew 4 percent, even with a challenging comparable quarter for trading."
Here are the other key figures from the third-quarter results:
- Revenues: of $22.08, down from $23.2 in the second quarter.
- Net income: of $5.6 billion, up from $5.2 billion in the second quarter.
- Total trading revenues of $3.15 billion, beating estimates of $3.14 billion.
- FICC trading revenues of $2.17 billion, beating estimates of $2.15 billion; equities trading revenues of $984 billion.
Wall Street's trading decline — especially in bond trading — will be another point of focus. Citi and JPMorgan, each of which kicked off the earnings cycle for US banks Thursday, reported fixed-income trading drop-offs of 16% and 27%, respectively.
Nonetheless, the two banks each beat earnings estimates handily.
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