Bank of America Corp (NYSE:BAC) on Wednesday announced a four-fold boost in fiscal Q1 profit amid a 5% revenue growth and lower loan loss provisions.
However, financial services giant’s earnings were short of analysts’ forecasts and adjusted revenues moved down from previous year.
Net income of BAC moved up to $2.62 billion or $0.20 a share from $653 million or $0.03 a share in the similar period a year ago.
Thomson Reuters 28 analysts’ survey on average forecasted EPS of $0.22 for the quarter.
Bank of America Corp (NYSE:BAC) shares in the current session moved down -4.06% reaching at $11.78. The stock traded in a range of $11.75 – $12.02. In the last year the stock has moved within a range of $6.72 – $12.94. The current session’s volume of 104.74 million shares is lower from their average daily trading volume of 146.45 million shares.
The Bank of New York Mellon Corporation (NYSE:BK) on Wednesday declared a net loss for fiscal Q1, showing mainly a previously reported tax charge in addition to lower revenues.
Adjusted quarterly earnings surpassed Wall Street forecasts, while revenues came in line with forecasts.
Net loss was $266 million or $0.23 a share in fiscal Q1, evaluated against a profit of $619 million or $0.52 a share in the similar period a year ago.
Thomson Reuters 20 analysts’ survey on average forecasted EPS of $0.47.
Another rival company The Bank of New York Mellon Corporation (NYSE:BK) trading down -2.63% to $27.03. Intraday trading recorded the stock price in a range of $26.95 to $27.45. In the previous 52 weeks the stock’s price ranged between $19.30 and $29.12. The current session’s volume of 2.15 million shares was lower from their average daily trading volume of 5.21 million shares.
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