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Oct. 14, 2020, 7:04 a.m. EDT

Bank of America's stock falls after profit beats, but revenue falls shy

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By Tomi Kilgore

Shares of Bank of America Corp. /zigman2/quotes/200894270/composite BAC -0.14% fell 2.0% in premarket trading Wednesday, after the bank reported a third-quarter profit that topped expectations but revenue that fell shy. Net income fell to $4.9 billion, or 51 cents a share, from $5.8 billion, or 56 cents a share, in the year-ago period, above the FactSet consensus of 49 cents a share. Total revenue declined 10.8% to $20.34 billion, missing the FactSet consensus of $20.8 billion, as the global markets, global banking and global wealth and investment management segments missed expectations while consumer banking topped forecasts. Net interest income fell 16.9% to $10.13 billion, just shy of the FactSet consensus of $10.24 billion. Provision for credit losses increased to $1.39 billion from $779 million, but that was below expectations of $1.88 billion. The stock has dropped 29.2% year to date through Tuesday, while the SPDR Financial Select Sector ETF /zigman2/quotes/209660484/composite XLF -0.32% has declined 18.7% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.24% has gained 8.7%.

/zigman2/quotes/200894270/composite
US : U.S.: NYSE
$ 28.99
-0.04 -0.14%
Volume: 25.97M
Nov. 27, 2020 5:00p
P/E Ratio
14.33
Dividend Yield
2.48%
Market Cap
$251.13 billion
Rev. per Employee
$546,216
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/zigman2/quotes/209660484/composite
US : U.S.: NYSE Arca
$ 28.47
-0.09 -0.32%
Volume: 26.98M
Nov. 27, 2020 5:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,638.35
+8.70 +0.24%
Volume: 1.22B
Nov. 27, 2020 2:07p
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