Bank of America beats on earnings

BAC image

At JPMorgan, net income rose 7 percent to $6.73 billion, or $1.76 a share.

Brian Moynihan, Chief Executive Officer, said, "Revenue across our four lines of business grew 4 percent, even with a challenging comparable quarter for trading". And on that front, the lender - viewed by investors as the US bank most affected by rate changes - just barely beat expectations.

Citigroup said net income rose 8 percent to $4.13 billion, or $1.42 a share.

During his seven years as CEO, Moynihan has worked to reduce legal costs that dogged the firm after it acquired Merrill Lynch and troubled mortgage lender Countrywide Financial. Analysts expected revenues of $21.98 billion. Berkshire Hathaway took a $11.5 billion investment gain earlier this year when it converted preferred shares into common stock. The rate the bank paid on US interest-bearing deposits was 0.24%, compared with a rock-bottom 0.11% in the prior quarter.

Earnings per share was up 48 U.S. cents from 41 USA cents, ahead of market expectations for 45 United States cents a share.

Floods and landslides kill 37, leave 40 missing in Vietnam
The storm could bring more rain and misery to the central and northern regions already soaked by rain and floodwater. Central and northern Vietnam experience several typhoons and tropical storms every year.

Looking for a place to grieve after Las Vegas mass shooting
This editorial expresses the majority opinion of The Rider News and was written by the opinion editor, Hayley Fahey . Guns account for more suicide means than all other methods combined and about 85 percent more likely to end in death.

BJP, Congress face internal strife in Himachal Pradesh
Himachal Chief Minister Virbhadra Singh inaugurates a new block at RKMV College in Shimla , one of several new, recent projects. For Congress, besides the cases against the Chief Minister, the anti-incumbency factor could also create some trouble.

The second largest bank in the United States based on assets, it said that net income attributable to common shareholders rose to US$5.12bn, up from US$4.45bn recorded the previous year.

Revenue, net of interest expense, increased 1 percent to $21.84 billion from $21.64 billion a year ago.

Quarterly expenses edged down 2.5% to $13.14 billion, from $13.48 billion a year ago. The bank and other major lenders warned that trading revenue would be under pressure.

Net interest income increased 9 percent from past year to $11.2 billion, reflecting benefits from higher interest rates, as well as loan and deposit growth. That topped estimates of $11.35 billion.

Related:

  • Ofcom imposes wide range of quotas on BBC

    Kevin Bakhurst, Ofcom Content and Media Policy Director, said: "The BBC is the cornerstone of United Kingdom broadcasting. The new conditions come into play 1 January 2018.
    Why Masahiro Tanaka is the most important Yankee in the ALCS

    Why Masahiro Tanaka is the most important Yankee in the ALCS

    So, this season marks the first trip to the ALCS for the Astros, and it is also the first trip for two local guys on the roster. But Judge has had a tough time, going just 1 for 20 with 16 strikeouts in the five-game win over Cleveland.
    Cannot Deport Rohingya Refugees Till Next Hearing, Supreme Court Tells Government

    Cannot Deport Rohingya Refugees Till Next Hearing, Supreme Court Tells Government

    The court said the government should not deport the refugees, but did not pass a formal order putting any restrictions. The court also observed that no Rohingya refugees should be deported until the next date of hearing in the case.
  • David Boreanaz Series 'SEAL Team' Set for Full Season on CBS

    David Boreanaz Series 'SEAL Team' Set for Full Season on CBS

    The series stars David Boreanaz , Max Thieriot , Neil Brown Jr., AJ Buckley, Toni Trucks and Jessica Paré. CBS has given the order to increase the number of " SEAL Team " missions this season.
    Jefferies Group LLC Reiterates

    Jefferies Group LLC Reiterates "Buy" Rating for Paypoint plc (PAY)

    After $0.53 actual earnings per share reported by Hays plc for the previous quarter, Wall Street now forecasts 298.11% EPS growth. It has outperformed by 9.17% the S&P500. $85,014 worth of Qualys Inc (NASDAQ:QLYS) shares were sold by Deeba Amer.
    New Orleans police officer dies in shootout

    New Orleans police officer dies in shootout

    He is in a local hospital, and will be charged once he is released. "Our worst nightmares have come to be", Landrieu said. A gunman killed a New Orleans police office overnight on Friday morning in eastern New Orleans.
  • BB&T Securities LLC Boosts Stake in Automatic Data Processing (ADP)

    Shares of Automatic Data Processing, Inc. 355.68 million shares or 2.28% more from 347.76 million shares in 2017Q1 were reported. For the most active stocks in the market, it is highly important to check the outstanding shares of the company. (NASDAQ: ADP ).
    Millions die suffering amid global opioid gap, report says

    Millions die suffering amid global opioid gap, report says

    Some 2.5 million children are among the annual count of almost 26 million who die without adequate relief, the team calculated. The study, commissioned by The Lancet , was conducted by the Commission on Global Access to Palliative Care and Pain Relief.
    Bruno Mars leads American Music Awards nominations

    Bruno Mars leads American Music Awards nominations

    Rihanna , Drake , The Weeknd , Kendrick Lamar and Bruno Mars are among this year's nominees for the American Music Awards. Drake, Sheeran and Mars will be competing with The Chainsmokers and Kendrick Lamar in Artist of the Year category.
  • Lattice Semiconductor Corporation (LSCC) Receives $6.83 Consensus Target Price from Analysts

    The Firm is engaged in designing, manufacturing, marketing and supplying a range of payment solutions and complementary services. One analyst has rated the stock with a sell rating, one has given a hold rating and eleven have given a buy rating to the stock.
    Apple may dump Touch ID for Face ID in 2018, report

    Apple may dump Touch ID for Face ID in 2018, report

    Face ID works, in part, by projecting a dot matrix across the face to map the contours of its surface. According to 9to5Mac, Kuo said that Face ID will be a "key selling point" in future iPhones.
    Trump Threatens Licenses of 'Disgusting' News Networks

    Trump Threatens Licenses of 'Disgusting' News Networks

    Neither NBC or ABC released a statement following the tweet, but others in government stepped in to comment on the issue. Numerous Democrats criticized Trump and urged Pai to denounce Trump's comments.

Comments

Latest news

Occidental Petroleum Corporation (OXY) Given New $40.00 Price Target at Barclays PLC
FNY Partners Fund LP purchased a new position in Occidental Petroleum Corporation in the 1st quarter valued at about $126,000. The oil and gas segment explores for, develops and produces oil and condensate, natural gas liquids (NGLs) and natural gas.

Commerce Bancshares Inc. Q3 Earnings Advance 9%
If you are accessing this article on another domain, it was stolen and republished in violation of USA & worldwide copyright law. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Commerce Bancshares by 5.9% in the second quarter.

Kurds put forces on alert for Iraq attack near Kirkuk
But Baghdad is bitterly opposed to Kurdish ambitions to incorporate the oil-rich province in its autonomous region in the north and has voiced determination to take it back.

Growth Analysis of Incyte Corporation (INCY)
BidaskClub upgraded Incyte Corporation from a "hold" rating to a "buy" rating in a research report on Tuesday, June 27th. Gs Investments Inc. purchased a new position in shares of Incyte Corporation in the 2nd quarter worth about $3,777,000.

Penguin disaster as just two chicks live
The mass deaths of the Adélie penguins have forced environmentalists to call for the urgent protection of the Antarctic ecosystem. The proposal originally comprised seven large marine areas off the coast of East Antarctica but was later cut to four.

Adrien Silva training with Leicester City ahead of £22 million move
Leicester new boy Adrien Silva has joined in training with the squad for the first time after his summer transfer missed the deadline by 14 seconds.

Ex-Everton star Donovan provides message to USMNT following failure
If the US misses out at that point, it might as well give up. "It's not about that". That's from a nation in which soccer is far from the most popular sport.

Petrol Price in Madhya Pradesh: Chief Minister cuts back 3% Value-Added Tax
Increasing rates of petrol and diesel prices was the reason of consumer inflation in September, with a 5.56 rise in the Index. Madhya Pradesh Shivraj Singh Chouhan said that the state has reduced 3% retail Value-Added Tax on petrol and 5% on diesel.

Record rise in Carbon dioxide level caused by 2015-16 El Nino
In Africa, hotter-than-normal temperatures led to faster decomposition of dead trees and plants, releasing more carbon into the atmosphere.

President Trump lauds Pakistan's efforts in rescuing US-Canadian family
It was a risky venture for any couple traveling without escort, especially since Coleman was pregnant with their first child. Embassy in Pakistan on Thursday. "We are prepared to bring them back home", the official said.

Tamil Nadu Cabinet Approved 7th Pay Commission, Know Your New Salaries
However, the news is not so good for tipplers, as the Tamil Nadu government has chose to increase the price of liquor. With this the long pending local body entertainment tax and GST issue has been solved.

Honor 6C Pro Smartphone Announced with 3GB RAM & Fingerprint Sensor
The onboard storage is limited to 32GB which can be extended further up to a maximum of 128GB via microSD card slot. Well, guess what, the specs of the device are nearly identical to that of the Honor V9 Play .

S. Korea, US to hold joint Navy drills
The drill is slated for October 16 and will include the USS Ronald Reagan aircraft carrier as well as South Korean vessels. Other battleships and submarines would be mobilized.

Merino makes Newcastle United move permanent
Merino arrived at St James' Park on loan in July with a view to a full-time switch to England if he made a big impact. Newcastle have completed the signing of midfielder Mikel Merino on a permanent basis for an undisclosed fee.

BASF India up 3.5% after BASF SE signs agreement with Bayer
BASF said the businesses to be purchased from Bayer generated sales of €1.3bn in 2016, with earnings before interest, tax, depreciation and amortisation (EBITDA) of around €385m.

Other news