October 17, 2023 – 1:26 p.m.
Other companies also reported results, including Goldman Sachs, Tesla and Johnson & Johnson.
Bank of America (BofA) recorded profits of US$7.8 billion in the third quarter of 2023, equivalent to 0.90 Dollars per share, which represents an increase 10% compared with the US$7.1 billion obtained in the same period of 2022, which was equivalent to US$0.8 per share.
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Net income, discounted interest expenses, experienced an increase of 3%, reaching US$25.2 billion. On the other hand, net interest income (NII) amounted to US$14.4 billion, marking an increase of US$614 million or 4%, mainly driven by due to the benefits of high interest rates and loan growth, as reported by the financial institution.
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Income unrelated with interest they totaled US$10.8 billion, representing an increase of US$51 million. This increase is attributed to higher income from sales and commercial operations, as well as asset management fees, which more than offset the decrease in other income items.
The provision for credit losses stood at US$1.2 billion, showing an increase of US$336 million. Additionally, the bank reported a net accumulation of reserves worth US$303 million compared to US$378 million in the third quarter of 2022.
Net losses due to defaults reached US$931 million, compared to US$520 million the previous year, although the entity stressed that they remained below pre-pandemic levels in the fourth quarter of 2019.
Other quarterly results of large companies
J&J
Earnings per share: current US$2.66 / estimated US$2.51 Income: current 21.4B / estimated 21.04B Up 10.6% after raising its profit forecast for 2023helped by resilient demand for its anti-inflammatory drug Stelara, and after posting a $21 billion gain from the spinoff of its consumer health unit.
Goldman Sachs (GS)
Earnings per share: current US$5.47 / estimated US$5.54 Income: current 11.82B / estimated 11.21B Up 0.5% after reporting better-than-expected third-quarter earnings.
Tesla (TSLA)
The automotive giant falls 0.8%, after being ordered to recall just under 55,000 Model X vehicles manufactured between 2021 and 2023as the vehicle controller may not detect the low brake fluid level and may not display a warning light.
2023-10-17 16:26:18
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