Bank of America (NYSE: BAC) beat earnings expectations for the third quarter of 2019 while revenues came in line with estimates. The consensus forecast was for earnings of $0.51 per share on revenue of $22.8 billion. Shares climbed 2% in premarket hours on Wednesday.
Total revenue, net of interest expense, increased slightly to $22.8 billion versus the same period last year, helped by higher investment banking fees and net interest income.
GAAP net income was $5.8 billion, or $0.56 per share, compared to $7.2 billion, or $0.66 per share, last year. Adjusted net income was $7.5 billion, or $0.75 per share.
Net interest income and non-interest income remained relatively flat compared to the prior-year quarter at $12.1 billion and $10.6 billion, respectively. Book value per share increased 11% to $26.96 per share. Average loan and lease balances in business segments rose 6% to $923 billion. Average deposit balances rose 4% to $1.4 trillion.
In the Consumer Banking segment, revenue increased 3% to $9.7 billion, driven by higher net interest income due to growth in loans and deposits. Strong client flows helped drive a 9% increase in consumer investment assets.
In Global Wealth and Investment Management, revenues grew 2% to $4.9 billion, helped by higher net interest income and asset management fees. Total client balances rose 2% fueled by positive net flows and higher market valuations.
Global Banking revenues rose 8% to $5.2 billion, driven by growth in investment banking fees and leasing-related revenues. Global Markets revenues remained relatively flat versus last year at $3.9 billion.
During the quarter, the overall credit quality remained strong across the consumer and commercial portfolios. Net charge-offs decreased $121 million to $811 million.
The company had 38 million active digital banking users and 28.7 million active mobile banking users at the end of the third quarter. 26% of all consumer sales were done through the digital channel.
Levi Strauss & Co. (NYSE: LEVI) reported a 4% increase in earnings for the first quarter of 2020 helped by lower income tax expenses despite a rise in operating expenses.
The recent travel restrictions have taken a heavy toll on the tourism industry, leaving almost all destinations deserted. Vail Resorts Inc. (NYSE: MTN), a leading operator of mountain ski resorts,
Shares of Boeing Co. (NYSE: BA) were up 13% in afternoon hours on Monday. The stock is down 63% from its 52-week high of $391. As the aviation industry suffers