Skip to content Skip to footer

Bank of America Reports Strong Third-Quarter Results, Surpassing Expectations

WASHINGTON, DC – In a promising turn of events, Bank of America has outperformed expectations in its third-quarter earnings, showcasing robust financial performance. Here’s a summary of the company’s report:

Earnings per share stood at an impressive 90 cents, surpassing the anticipated estimate of 82 cents according to LSEG (formerly known as Refinitiv).

The bank reported a total revenue of $25.32 billion, which exceeded the projected figure of $25.14 billion.

Profits surged by 10%, reaching $7.8 billion, equivalent to 90 cents per share, up from $7.1 billion (81 cents per share) in the previous year. This stellar performance was particularly noteworthy given the challenges faced by the Charlotte, North Carolina-based bank. Moreover, revenue experienced a healthy 2.9% increase to reach $25.32 billion, surpassing the LSEG estimate.

One of the standout achievements was Bank of America’s interest income, which rose by an impressive 4% to $14.4 billion, surpassing analysts’ expectations by roughly $300 million. This growth can be attributed to higher interest rates and increased loan activity. The bank also performed exceptionally well concerning credit loss provisions, which came in at $1.2 billion, below the expected $1.3 billion.

As a result of this positive financial performance, Bank of America witnessed a 2.4% rise in its shares during midday trading.

Analyst Mike Mayo of Wells Fargo noted that these results indicate that Bank of America adeptly navigated potential pitfalls related to loan losses and rising interest rates. He described the quarter as “strong,” even though it fell slightly short of the results achieved by JPMorgan and Citigroup.

CEO Brian Moynihan expressed his satisfaction with the bank’s performance, underscoring that it continued to grow, despite signs of an economic slowdown. He stated, “We expanded our client base and increased accounts across all our business lines. We achieved this in a challenging economic environment, where U.S. consumer spending remained ahead of last year, although it is gradually slowing down.” Bank of America’s resilience and solid financial performance in the face of economic headwinds are indeed commendable.

Request Information

    Request Information


      At Risch Law Firm, we are an immigration law firm catering to high-level business individuals. We offer personalized and expert legal assistance in various immigration matters, including visa applications, green cards, investor visas, and corporate immigration solutions.

      To schedule a consultation with our experienced attorneys, you can reach out to us through our website’s contact form or call our office directly. We will promptly get back to you to arrange a meeting at your convenience.

      We provide comprehensive guidance on a wide range of visas, such as H-1B visas for skilled workers, L-1 visas for intra-company transfers, E-2 investor visas, O-1 visas for extraordinary individuals, and more. Our team is well-versed in immigration law, ensuring that we find the best visa solution to meet your specific needs.

      For businesses seeking immigration solutions for their employees, Risch Law Firm offers strategic corporate immigration services. We work closely with companies to navigate the complexities of immigration law, including PERM labor certifications, I-9 compliance, and green card sponsorship.

      As a law firm focusing on high-level business clients, we pride ourselves on our personalized approach, in-depth expertise, and track record of success. Our attorneys have extensive experience in handling complex immigration cases, providing efficient and effective solutions tailored to each client’s unique situation.

      While our primary focus is on high-level business immigration matters, we also provide limited assistance with family-based immigration cases for our established clients. Please inquire about the details during your consultation.

      The timeline for green card applications can vary depending on the type of green card and the applicant’s circumstances. Our experienced attorneys will provide an estimated processing time based on your specific case during the consultation.

      The NIW is a pathway to a green card that allows foreign nationals with exceptional abilities or advanced degrees to obtain permanent residency without a labor certification. Our team will assess your qualifications and determine whether you meet the criteria for this waiver.