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How will Bank of America’s credit card loss rate change in Q3 2024?
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Bank of America’s Q3 2024 earnings report
Story
Bank of America Exceeds Q2 Earnings Estimates with EPS $0.83 and Revenue $25.4B
Jul 16, 2024, 10:51 AM
Bank of America reported its Q2 2024 earnings, surpassing both earnings and revenue estimates. The company posted an EPS of $0.83, exceeding the expected $0.79, and total revenue of $25.4 billion, above the forecasted $25.2 billion. Net interest income (FTE) came in at $13.86 billion, slightly higher than the $13.81 billion estimate. Trading revenue excluding DVA was $4.68 billion, surpassing the $4.53 billion estimate. Investment banking revenue reached $1.56 billion, exceeding the expected $1.45 billion. The bank also reported zero trading loss days in H1 2024. Despite these positive results, net earnings were down 7% year-over-year to approximately $6.9 billion, and the credit card loss rate increased. Shares of Bank of America rose by 1.2% in pre-market trading. Net interest income decreased 3% due to higher deposit costs. The provision for credit losses was $1.51 billion. The bank noted a weakening consumer outlook.
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