Surprising quarterly results from Bank of America

Surprising quarterly results from Bank of America

Bank of America missed revenue expectations

After Wells Fargo posted mixed quarterly results yesterday, a major American bank did the same.

In Q4 2020, Bank of America had an EPS of 59 cents per share on $20.2 billion revenues. While the EPS came ahead of the 55 cents forecasted, the same cannot be said about the revenue. The latter fell short of the mark by $500 million.

According to Bank of America, most of the revenue shortfall was due to its trading division. It reported $1.74 billion in fixed-income revenue, lower than the $2.11 billion estimated.

For the future, Bank of America announced that it would repurchase $2.9 billion worth of shares and keep its dividend at 18 cents.

After the figures became public, Bank of America stock price lost 1.2% in the premarket session. In 2020, its shares lost 15%.

Read here all about Wells Fargo’s quarter!

Sources: cnbc.com

This information prepared by za.capex.com is not an offer or a solicitation for the purpose of purchase or sale of any financial products referred to herein or to enter into any legal relations, nor an advice or a recommendation with respect to such financial products.

This information is prepared for general circulation. It does not regard to the specific investment objectives, financial situation or the particular needs of any recipient.

You should independently evaluate each financial product and consider the suitability of such a financial product, by taking into account your specific investment objectives, financial situation or particular needs, and by consulting an independent financial adviser as needed, before dealing in any financial products mentioned in this document.

This information may not be published, circulated, reproduced or distributed in whole or in part to any other person without the Company’s prior written consent. Past performance is not always indicative of likely or future performance. Any views or opinions presented are solely those of the author and do not necessarily represent those of za.capex.com

JME Financial Services (Pty) Ltd trading as ZA.CAPEX.COM acts as intermediary between the investor and Magnasale Trading Ltd, the counterparty to the contract for difference purchased by the Investor via ZA.CAPEX.COM, authorised & regulated by the Cyprus Securities and Exchange Commission with license number 264/15. Magnasale Trading Ltd is the principal to the CFD purchased by investors.