So, is it different? If you look in the fourth quarter, you could see the cards come up, which, you know, seasonally, that's going to come down, and that's one of things that people tend to pay those down. We'll take our next question from Betsy Graseck with Morgan Stanley. So, what does this mean? Excluding those discrete items, our tax rate would have been 12.5%. You know, I think -- when you look at the higher-end consumer, not really. But, you know, I'll say the obvious, banks have got plenty of capital. It's always been there. Presentation. Thank you. Volatility profiles based on trailing-three-year calculations of the standard deviation of service investment returns. First, nearly 3.6 billion of the year-over-year improvement in NII was driven by interest rates. We're coming off a period with historic inflows for pandemic deposits. You can see those on Page 16. Beyond Q1, with increases in rates slowing and if balances continue their recent stabilization trends, we expect less variability in NII for the balance of 2023. And otherwise, we expect modest loan growth. Slide 5 highlights some of the attributes of organic growth for the quarter and the year. Shares of the lender rose 1% in trading Monday. You kind of said those were opening up in the fourth, but we didn't really see it translate to robust loan growth. Net income for the segment was down 2% year over year. Jun 27, 2022. So, look, we don't have a great deal of precedent. JPMorgan downgrades Target as concerns for the retail giant mount, American Express is a top pick in a recession, Wells Fargo says. Stock Advisor list price is $199 per year. So, maybe you could talk through some of those pieces and maybe the outflow on global banking noninterest-bearing as a big piece of it. . Governance. All Rights Reserved. The net interest yield was 2.22%, and that improved 55 basis points from the fourth quarter of '21. You'd expect that to start to increase neutralizing the employee issuances and then going above that each quarter now because we, you know, 11, 20 -- 11.2 something, we were close to 11.4 target. That level of growth in year-over-year spending is consistent with the low inflation 2% growth economy we saw pre-pandemic. Have you guys thought about how to better insulate yourselves against potentially lower rates and not just kind of a little bit of a decline, but if we get something unusual and rates drop a lot? You know, the -- and we are 11 basis points that was where we got to. We paid out 1.8 billion in common dividends, and we bought back 1 billion of shares, which was 600 million above those issued for employees in the quarter. That can be high or, two years ago, can be zero rate environment. So, I don't see us making significant changes to our core. Get the latest Bank of America earnings report, revenues and EPS as well as upcoming BAC earnings dates. So, I think if you put it together, then you have, in a securities-based business, customers, you know, took down leverage, paid off a fair amount of loans in the wealth management business, even though they've grown, I think, for 50-some quarters in a row now or something like that in loan balances. We, at the margin, may consider fixing some rates here, depending on how things develop over the quarter. Second Quarter 2022 Earnings Presentation . So, we're paying for this stuff as we go. Yes, hi. In addition, we also saw higher costs from our continued return to work and travel and costs of client engagement. PDF . This scenario is more conservative than last quarter's scenario. So, you've got it right. Is that number doable even with that -- what is it that you're assuming? Let's move to Slide 6 and talk about operating leverage. On flows, when combined across all our investment platforms in our consumer wealth management business, we saw 125 billion of net client flows this year. Is that even with the rate cuts? And I'm just wondering if you can help us understand how much of that was attributed to that continued benefit from the swap portfolio. After all, the newsletter theyhave run for over a decade, Motley Fool Stock Advisor, has tripled the market.*. Here are the key metrics compared with what Wall Street expected: The results were boosted by sizeable gains in interest income thanks to higher rates and loan growth in the fourth quarter. It's probably more relevant to discuss the more near-term trends. But we got to see how this shakes out. And then the last part of the income -- or the EPS is simply your excess capital, which you highlighted. Jul 18, 2022. BAC stock finished the day roughly flat (up 0.2%), having already. We do this work. Fifty-six percent of the $1 trillion in consumer deposits remain in low- and no-interest checking accounts. With regard to regulatory capital, our supplementary leverage ratio increased to 5.9% versus our minimum requirement of 5%. This saves a lot of work for our team. But the balances in the consumer investments open up 7% more accounts in a year when the investment world is choppy. Expense increased 4% year over year, and that was driven by strategic investments in the business, including hiring and technology. We want to hear from you. It also reflects the customers, our mass market segments, have fewer excess cash investment-style cash balances. Youre reading a free article with opinions that may differ from The Motley Fools Premium Investing Services. And as a result of holding the leadership share in U.S. retail deposits, that will add 125 million to each of our quarterly costs or a total of 500 million for the year. Glenn, I'll start with just, you know, just by way of context, obviously. Published. Bank of America Corporation Common Stock (BAC) Dividend History | Nasdaq Dividend History: BAC Edit my quotes Add to Portfolio BAC BAC DIVIDEND HISTORY BAC Dividend History EX-DIVIDEND. And then we highlighted the global markets' NII impact. I thank all of you. So, when we lay out for you the actuals on Page 7 and 8 of the earnings presentation, we're trying to show you what we're seeing in real time around balances and mix. The work the team has done on responsible growth continues to show strong results. This was higher than Quarter 3, reflecting good credit card and other loan growth, combined with the reserve-setting scenario. Visit our Earnings Calendar for a full list of expected. And welcome to today's Bank of America earnings. This -- the shift here is what drives the mix total for the company. That's part of the reason why we showed those graphs of what charge-offs have looked like over time in the earnings materials. Just thinking about the credit and the pace of normalization, do you have any sense of where charge-offs kind of might start out the year and what kind of pace of normalization? That includes higher expectations of inflation leading to depressed GDP and higher unemployment expectations. So, you know, I think we're at 6 basis points now in total consumer rate paid, the rate structure is very high. Feb 8, 2022 04:19AM EST. Hi. And over time, we'll balance building capital and buying back shares. They also -- you also hear -- you also witnessed a shift to higher-yielding preferred deposits, as you can see on this label, from lower-yielding transaction deposits, as these customers have more excess cash and move them to seek higher yields. Still, we increased our ranking in overall fees for the full year 2022 to No. Focusing on year over year, sales and trading contributed 3.7 billion to revenue, and that improved to 27%. The company's overall investment banking fees were 1.1 billion in Q4, declining 1.3 billion year over year in a continued tough market. Its owner is solely responsible for the websites content, offerings and level of security, so please refer to the websites posted privacy policy and terms of use. Matt O'Connor -- Deutsche Bank -- Analyst. In that sort of investment cash drawer, as we call it, moves, the checking accounts don't move. Data delayed 15 minutes unless otherwise indicated (view delay times for all exchanges). Noninterest-bearing deposits are down 8%, while interest-bearing deposits are up 2%. Our caveats include assumptions that interest rates in the forward curve materialize, and we anticipate card loans will decline seasonally from holiday spend paydowns. ET Contents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: Operator Good day, everyone. This article is a transcript of this conference call produced for The Motley Fool. This is the final point. Now, let's move to the second topic I want to touch on specifically, which is credit, and this begins on Slide 9. 2023 CNBC LLC. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. Audio Webcast Transcript. Brian covered the capital point. We're trying to make sure that we operate and deliver in all rate environments. I mean, you can see that in the consistency of the origination standards back in the pages of the appendix where we showed sort of our cars and home equity and things like that. This, plus the slides, will be included in each earnings materials in our appendix will show digital trends in organic growth highlights across all the businesses. The business had revenue of $26.26 billion for the quarter, compared to the consensus estimate of $25.28 billion. We get very high-quality account openings. Bank of America reported fourth-quarter results on Friday that showed higher interest rates helped the Wall Street giant make up for a sharp slowdown in investment banking. The 612 million increase in provision expense reflected a modest reserve build of 37 million in the fourth quarter, compared to a 435 million released in the year-ago period. See the latest EPS estimates. So, Vivek, we just said less -- you know, there'll be less variability around that number due to the fact the market stuff has gone to zero. Both were up nicely from net household generation in 2021. While this quarter's reported earnings were up 15% year over year, pre-tax, pre-provision income grew an even stronger 36% year over year. Read Transcript. Bank of America (NYSE:BAC) is set to give its latest quarterly earnings report on Tuesday, 2023-04-18.Here's what investors need to know before the announcement. Good morning. And again, I'll touch on this in a few pages. Charge-offs were well below both the beginning of the pandemic, as well as longer-term historical levels. The performance is still OK. Certain links may direct you away from Bank of America to an unaffiliated site. You can see we're taking securities out and replacing them with loans. Opinions or ideas expressed are not necessarily those of Bank of America nor do they reflect their views or endorsement. They're swapped to floating. And yet, the total number of branches comes down because we're managing expense side. Analysts estimate that Bank of . Tanaya Macheel 2 days ago Bank of America said in a release that third-quarter profit fell 8% to $7.1 billion, or 81 cents a share, as the company booked a $898 million provision for credit losses. BAC reported strong Q4 results on Wednesday, showing the operational drivers that will make it a key winner from 2022 rate hikes. Those will continue to 2023. So, that's pretty good to be excited about. And at the margin, we'll probably still maintain a little bit of asset sensitivity. So, it's dynamic, it's evolving, and we manage and we forecast that weekly. So, you know, I think we're going to try and share with you what we know when we know it, but it's just a more difficult environment at this point to predict looking forward. This suggests a possible upside of 30.1% from the stock's current price. Your line is open. The dark blue line represents the company's actual earnings per share. Earnings per share: 78 cents adjusted vs. 75 cents a share expected, Revenue: $22.79 billion vs. $22.67 billion expected. The chart below shows up to four years of a company's earnings history. That's what responsible growth means to us. We have seen small declines in customers' continued higher levels of spending, pay down debt, and also moved money to their brokerage accounts even in this business. So, I think we feel very good about the ability to find ways to manage expenses. But the big shift in that was, you know, frankly, in the second quarter of '22 when I think we had, you know, 50 billion-odd numbers of tax payments, which was a lot higher than in past years due to -- if you think about the '21 dynamic in capital gains and those things that went through. We did it. Two things to note on that consumer spending pace. OK, got it. But we're open for business to support our clients. And what this result -- results in is 95% of our reserve methodologies are weighted toward a recession environment in 2023. Get 30 Days of MarketBeat All Access Free, By creating a free account, you agree to our, Saudi Arabia to cut oil output by 1 million barrels per day to boost slumping prices, Slow start to New York's legal pot market leaves farmers holding the bag, Chuck Todd says he's leaving 'Meet the Press' after a tumultuous near-decade moderating the NBC political panel show. But, you know, I guess as we look -- so in other words, that $400 million extra that you got, you're kind of giving back here from the fourth -- the first quarter. Bank of America (NYSE:BAC) has a recorded annual revenue of $115.05 billion. So, you're aware, the main driver there is commercial real estate, and it's specifically around -- about 1 billion of it is office. And you can see some of the stats on Slide 17 in the appendix. You know, that's different than what you saw when they had to cut rates for the pandemic or after the financial crisis and left in there for years to get the engine of the United States economy restarted. So, we slowed that down. Yeah. NII is up 933 million from the third quarter, driven largely by interest rates. Erica meaning our Erica, not you, Erika. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. The strategy hasn't changed. Current Price $28.34 Price as of May 22, 2023, 4:00 p.m. And remember, much of the company's minimum wage hikes and Quarter 2 increased salary and wage moves impacts consumer banking the most of our lines of business and, therefore, impacts most the year-over-year comparisons. We're using the money that's throwing off to put it into loans. Just kind of that dynamic between what you're looking to do and what you're seeing on demand for loan growth outlook. BAC Analyst Estimates Stock Screener Earnings Calendar Sectors NYSE | BAC U.S.: NYSE Bank of America Corp. Watch list After Hours Last Updated: Jun 2, 2023 7:26 p.m. EDT Delayed quote $. Quarterly Earnings :: Bank of America Corporation (BAC) Investor Relations. Is it the device VR has been looking for? That's the organic growth engine of the company. As you will note, excluding global markets, our net interest yield was up 89 basis points to 2.81%. Yeah, probably in the mass consumer business just because they are sitting on more cash and may use that cash in, you know, certain scenarios, but, you know, the rest of the behaviors are largely the same, including in the corporate business where people, you know, can have less balances and the effective credit rate generates a bigger number to cover their fees, so they tend to pull the balances out. Charlie Munger Warns of Trouble for U.S. Banks, But Still Not Reaching 2008 Levels, Despite the Crisis, Warren Buffett Has Stuck With These 2 Mega Bank Stocks, 2 High-Yield Dividend Stocks That Billionaires Keep Buying. The financial services provider reported $0.94 EPS for the quarter, beating the consensus estimate of $0.83 by $0.11. And while their spending remains healthy, we continue to see the pace of that year-over-year growth slow. Got a confidential news tip? Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue. So, that gives you a long-term perspective, which keeps in context the idea that we're moving off the bottom in credit costs toward a level which is normalized and to pre-pandemic, but that level was very low in the grand context of banking. Our talented group of wealth advisors, coupled with powerful digital capabilities, generated 8,500 net new households in Merrill in the fourth quarter, while the Private Bank gained an impressive 550 net new high-net-worth relationships in the quarter. What U-Haul Earnings Are Showing, Heading Up? You know, a million net new checking accounts, starting at 5,000 balances, growth in wealth management and loans deposits. Bank of America has beaten earnings estimates in ten straight quarters. On a personal side, you can see the checking account balances floating down a little bit from core expenses and spending. Early in the quarter, we saw modest declines in balances, but November's rate hikes began to slow and the probability of future rate hikes became less, people moved their money. That's the base case, the economic assumptions and the blue chip and other methods we use. This reflects the market trends and, in fact, reflects high tax payments to the governments in Quarter 2 2022. Please log in to your account or sign up in order to add this asset to your watchlist. These are things that stick with you and be good no matter what the scenario. And this continued rotation from some of the noninterest-bearing to interest-bearing, we've got some pricing and rate pressures. Oct 17, 2022, 2 AM EDT: 0.77: 0.81 Regulatory & Other Filings. Good quarter to finish 2022 and thank you to our teammates for producing it. RT=Real-Time, EOD=End of Day, PD=Previous Day. Credit card growth reflects increased marketing, enhanced offers, and reopening of our financial centers, delivering higher levels of account openings. Year-over-year growth percent is earlier this -- earlier in 2022 were 14% year over year. Constellation Brands Taps into Growth: Analysts Bullish on Stock, CrowdStrike: Another Tech Stock to Buy on the Dip. And we plan to do that in 2023. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation, offer or solicitation for the purchase or sale of any security, financial instrument, or strategy. Good morning. And also then, you know, how would you expect that to impact your outlook for the 14.4 in the first quarter guide? Hi. And let me start with the balance sheet, and I'll use Slide 13 for this. We've had the lowest net charge-offs for peer banks in 10 of the last 11 stress tests. So, let's just stop on the reserve-setting scenario. Invest better with The Motley Fool. We then -- we're well above our minimums. Credit quality, you can see on Appendix Slide 28, for consumer remains very high in new originations. Finally, on Slide 23, we show all other, which reported a loss of 689 million, and that was consistent with the year-ago period. Puts us in a great place. In actual fact, it's gone up 2.25. Earnings Period Date Reported EPS . This led to full year records for both revenue and net income of 21.7 billion and 4.7 billion, respectively. So, on the first thing, Mike, if there was something I was going to pick up on earlier to first question, you picked up, going to the point. In the previous quarter, Bank of America (NYSE:BAC) reported $0.94 earnings per share (EPS) to beat the analysts' consensus estimate of $0.83 by $0.11. I'm going to first turn the call over to our CEO, Brian Moynihan, for some opening comments; and then ask Alastair Borthwick, our CFO, to cover some other elements of the quarter. During the fourth quarter of 2022, our team once again delivered responsible growth for our shareholders. Just remember that we're talking about office. May 20, 2022 at 9:00 AM Eastern. But the commercial portfolio continues to look very strong. Your line is open. And so, we'd expect that fees might stabilize and, you know, absorb the billion-dollar downdraft and quarterly investment banking fees and start to work up from there and other types of things. So, that's in the back of our mind, too. And as a result, it was another quarter that favored macro trading, while our credit trading businesses improved. Focusing on FTE, net interest income increased 3.3 billion from Q4 of '21, or 29%, driven by a few notable components. Citigroup topped expectations for revenue as it benefited from rising rates and strong trading results. You know, to give you example, the cohort that, you know, was $2,000 to $5,000 in average balances pre-pandemic at 3,400, they're still sitting at 12,800, but they peaked early in '22 at 13,400. There wasn't much activity there. Comparing third quarter of '22 to fourth quarter of '22, average deposits were down 1.9%. Data is a real-time snapshot *Data is delayed at least 15 minutes. We'll go next to Erika Najarian with UBS. And to Mike's earlier point, we grew 1.2 billion and 900 million the linked quarter and somehow people thought that wasn't good enough because, you know, there's math that could have -- would have gotten you different. I think -- I'll put all those questions together in one answer. Our expenses declined 1%, driven by lower revenue-related incentives, partially offset by investments in our business. It is now my pleasure to turn today's program over to Lee McEntire. Sign up for free newsletters and get more CNBC delivered to your inbox. you can opt out of online behavioral advertising. Now, I will say this. The flip side of that is deposit migration, some outflows and betas. Post the clearance of the 2022 stress test, Bank of America announced a dividend hike of 4.8% in July 2022, following a 17% hike in July 2021. Earnings report for Bank of America Corporation [BAC] S&P 500 4127.60 3.52 (0.09%) Nasdaq 12324.39 39.64 (0.32%) Dow Jones 33302.16 1.54 (0.00%) EUR/USD 1.09 0.00 (0.14%) GBP/USD 1.25 0.01 (0.45%) USD/JPY 136.07 0.39 (0.29%) Bitcoin USD 27435.02 326.16 (1.20%) Crude Oil 71.40 1.36 (1.94%) Gold 2020.10 0.30 (0.01%) Silver 24.23 0.07 (0.29%) And here, you can see average loans grew 10% year over year, driven by credit card and commercial loan improvement. There continues to be a slowdown. On a GAAP non-FTE basis, NII in Q4 was 14.7 billion and the FTE NII number was 14.8 billion. That's right -- theythink these 10stocks are even better buys. Provision expense was 1.1 billion in Quarter 4. Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit. It's not gotten ever back to where it was pre-pandemic, and it moved up and it dropped by 100 or so basis points, which, across a lot of lines, is a fair amount of loans. Diversified banking element is a strong differentiator for us as a company. Earnings per share (EPS) surpassed analyst expectations, rising 39.0% year over year (YOY). Sell Every Stock, Except ONE (Ticker Revealed) (Ad), Buy THIS stock before Taiwan is attacked (Ad), Trading Channel Breakout in Lululemon Brought by Earnings. For the quarter, the effective tax rate was approximately 10%, benefiting from ESG investment tax credits and certain discrete tax benefits. And so, you know, how corporates manage, you know, their borrowing and cash and demand cycle, you know, seems to be flattening out a little bit. And do you expect the 14.4 billion number even if there are rate cuts either toward the end of the year? To see all exchange delays and terms of use please see Barchart's disclaimer. We also again gave you the new origination statistics for consumer credit on Page 28. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services. Furthermore, broad declines across financial assets have begun to show up in bank results in the quarter, with Wells Fargo saying that "market conditions" forced it to post a $576 million impairment on equity holdings. But six weeks after you gave guidance last quarter, you lowered that guidance by 300 million, and it just raised some questions about the quality of your modeling or if you had your arms completely around the asset liability management. Need a little more help. And so, you're going to see the pickup over time. It also supports the healthy pre-tax margin. You seem to be going with it. Oct 17, 2022 8:30 am ET . Earnings Date EPS Estimate Reported EPS . Note that our top line grew 21%, while expense grew 8%. OK, let's turn to expense, and we'll use Slide 17 for the discussion. One, just a little more color on the loan growth outlook. But more affluent customers put money into higher-yield deposits in the market. And again, we've been rewarded for that this quarter. We have very low CD volumes, and things have a fair amount of money markets, but most of it's checking. *Stock Advisor returns as of January 9, 2023. But I think, you know, because the commercial stuff was so close to zero, it immediately looks like, you know, a pop in any given number. The asset quality in the company continues to remain at historic lows relative to any normalized time period in the company's history, including the strong credit performance we had just before -- leading into the pandemic. Consumer deposit balances continue to show strong liquidity, with the lower cohorts of our consumers continue to hold several multiples of balances they have as the pandemic began. So, I don't know that we've thought about it in terms of like a quarter of NIM, but we definitely think about balancing earnings and capital and liquidity through the cycle. In-depth profiles and analysis for 20,000 public companies. We've got, number one, support our clients. These ads are based on your specific account relationships with us. Are you going to keep it to just like 1.5% growth? Real-time analyst ratings, insider transactions, earnings data, and more. And it's part of what we do. But the question would be, as we're in that scenario, is that the right decision for long-term value creation? There are three components to this. Year-over-year expense increased about 10%, primarily driven by investments in the business. But in that business, frankly, a fairly, you know, sort of stable place right now. When you visit these sites, you are agreeing to all of their terms of use, including their privacy and security policies. Looking forward, I would make a couple of comments. Q3 2022 Bank of America Earnings Conference Call. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail . And since Brian already covered much of the topics on asset quality, I'm going to move to a discussion of our line of business results, starting with consumer on Slide 19. We added 20 billion of loans in this business since Q4 of '21, growing 10% and marking the 51st consecutive quarter of average loan growth in the business despite securities-based lending reductions related to the current market environment. Annual Reports & Proxy. It is on Tue 18 Apr (44 days ago). And so, you're going to see the securities yield just continue to pick up, number one, based on the treasuries swap to floating as floating rates go higher; and number two, as the securities come due, there'll be fewer and fewer of them at lower rates. We'll go next to Ken Usdin with Jefferies. So, let's look at those differentiated by business. We included again the updated slides in the appendix, Pages 36 and 37, to highlight differences in our credit portfolios between pre-financial, pre-pandemic, and current status. However, we continued to deepen and expand client relationships with our build-out of commercial bankers. Thank you. We expect these things will put expenses around 16 billion in the first quarter before expectations that they should trend back down again over the course of 2023. And, you know, you look at that and that provides a great anchor which provides a great stable deposit base we showed you on the slide where we showed that base and also provides a lot of, you know, very low-cost deposits and as rate rise and materialize that. For the full year of 2022, again, we built about $370 million reserves. But in large part, what we've seen in the course of Quarter 4 has been stabilization and more normal client activity. So, we were able to support our loan growth and return capital and add to our capital buffer in the same quarter. Lower investment banking fees, higher credit costs, and a modest increase in expenses were mostly offset by stronger NII and other fees. Third Quarter 2022 Earnings Presentation . So, that obviously creates some uncertainty. Two questions. Learn more on analysts' earnings estimate vs. BAC's actual earnings. That is good for unemployment but continuously maintains service-side inflation pressure. At the bottom right chart, you can see the most dynamic part of this equation. Average outstanding balance on credit cards climbed by 14%. But as it relates to the forecast, look, we feel like the modest balance declines are kind of in there. If we look at the charge-off ratio that moved up a little bit this quarter, what might that look like for 2023? Last month, Borthwick said the bank will likely post a $150 million write-down on its buyout loans. We'll go next to Vivek Juneja with J.P. Morgan. With that, let me pass the mic over to Alastair to go through the rest of the quarter. So, we're not alarmed there. About 70% of the Vanguard Growth ETF's year-to-date performance can be attributed to seven stocks: Apple, Inc. AAPL added 4.7 percentage points (ppt) to the overall performance Microsoft Corp. MSF . Making the world smarter, happier, and richer. But, you know, meanwhile, we're trying -- we're going invest $3.7 billion in technology development in '23 versus 3.4 in '22. The price/earnings-to-growth ratio is 1.2. In consumer, looking at the upper right chart, we showed the difference between the movement through the quarter, between the balance of low- to no-interest checking accounts to somewhat higher-yielding nonchecking accounts, money market and savings accounts and a limited portion of CDs. The global wealth and investment management business saw total revenue increase marginally even as average deposits declined. Broadcom Stock Pulls into the Buy Zone: Analysts Raise Targets. What kind of levers do you think you have to pull there, Brian? Thank you. Salesforce: Time to Snap it Up as the Market Buys the Dip? They're in totally different businesses. Earnings Release. That's why we showed you the differential on checking. . Where does -- how is that doing? The mix shift is especially pronounced in treasury services in the global banking business. Bank of America has confirmed Earnings date and time. That result was largely in line with expectations, according to StreetAccount. Revenue climbed 5.6% to $22.79 billion, edging out analysts' expectations, as net interest income surged 22% to $12.4 billion on rising interest rates and loan growth. And that's what we've been doing. It's because rates have risen so quickly. Market Data copyright 2023 QuoteMedia. Our scenario -- our baseline scenario contemplates a mild recession. Good morning. We believe the core banking book will continue to show the benefit of rates and other elements and can offset most of the day count. So, we'll deal with whatever the ultimate rules come up with. We just won't have, you know, like 10% loan growth year over year because that is faster in economy and faster we do. And as a result of those policy changes, we continue to benefit from the better overall customer satisfaction and the corresponding lower attrition and the lower costs associated with fewer customer complaint calls, obviously, as a result of fewer fees. That's a new fourth quarter record for this business, besting the previous one by 21%. And that obviously leaves capacity for balance sheet growth. Welcome. Our global banking deposit movement moves across $500 billion in customer deposits. OK, let's turn to Slide 14 and talk about CET1, where, as you can see, our capital remains strong as our CET1 level improved to 180 billion and our CET1 ratio improved 25 basis points to 11.2%. From an outsider's view, you don't have to look any further than the Fed's stress test results. Remember, we're forecasting as best we can at any given time. How much revenue does Bank of America generate each year? . Please go ahead. Roughly half of that figure was tied to fines announced last week totaling $225 million over how the bank handled unemployment benefits during the Covid pandemic; the rest has to do with an industrywide probe into trading personnel using messaging apps. FICC improved 49%, while equities was up 1% compared to the quarter a year ago. Thank you, Lee, and thank all of you for joining us this morning. Key Points Bank of America earnings dropped 32% to $6.25 billion, or 73 cents a share, from a year earlier as the firm took a $523 million provision for credit losses. And what we've chosen to do is as rates are rising here, we're pushing that through the models. 18 equities research analysts have issued 12-month price objectives for Bank of America's stock. Obviously, much more conservative than the economic estimates that are out there. Its quarterly revenue was up 13.0% on a year-over-year basis. The Motley Fool has positions in and recommends Bank of America. This information may be used to deliver advertising on our Sites and offline (for example, by phone, email and direct mail) that's customized to meet specific interests you may have. And then obviously, we built reserves against the portfolios across the board that are strong and reflect, as I said earlier, basically a mild recession in the base case and a worst recession in the adverse case that we wait 40%. First Quarter 2022 Earnings Presentation . Best Bank Stock to Buy: JPMorgan or Bank of America? So, our job is now to drive what we can control, which is the organic growth of the franchise. There's a lot of procyclicality already in things like the stress test and stress capital buffer and in CECL. It's -- they're all moving down very slightly, that average balance, that same group of customers taken out. We're on a path to close out the requirement for next year. At that point, we'll offer much more perspective. Published Apr 14, 2022 4:00PM EDT T he following companies are expected to report earnings prior to market open on 04/18/2022. This reflects the seasonal inflows that happened in the fourth quarter for wealth management clients. It seems like you're well above your CET1 ratio. And our TLAC ratio remains comfortably above our requirements. As the NII growth slows down, we have to manage the company, produce operating leverage. And that provision increase reflects reserve builds this period compared to a reserve release in the fourth quarter of 2021. I know I am -- we're still expecting some growth in NII for the calendar year. Bank Stocks Are Falling and Investors Are Scared. You know, it depends on what's causing that. NYSE:BAC Bank of America (BAC) Dividend Yield, Date & History $27.56 -0.70 (-2.48%) (As of 01:46 PM ET) Compare Today's Range $27.48 $28.16 50-Day Range $26.97 $30.56 52-Week Range $26.32 $38.60 Volume 26.47 million shs Average Volume 53.66 million shs Market Capitalization $219.63 billion P/E Ratio 8.28 Dividend Yield 3.19% Price Target Thank you. All Rights Reserved. Your password must be at least 8 characters long and contain at least 1 number, 1 letter, and 1 special character. Across the quarter, we saw a $24 billion decline in total, down 2%. Listen to Conference Call, The conference call transcript for Bank of America's latest earnings report can be read online. Your line is open. I just had one compound clarifying question. They're available, including the earnings presentation that we'll be referring to during the call, on the investor relations section of the bankofamerica.com website. Good to see charge-offs down given everything that's going on in the world. And so, we have six quarters of operating leverage. I wanted to follow up, Alastair. Yeah. It's mainly the treasuries that are in there. So, we've chosen to do that. And as noted, the impact of that is recognized and offset in noninterest income. Then we plan to just sustain and grow our dividend. Insurance and annuity products are offered through Merrill Lynch Life Agency Inc. (MLLA), a licensed insurance agency and wholly-owned subsidiary of BofA Corp. Investment products offered through MLPF&S and insurance and annuity products offered through MLLA: "Bank of America" is the marketing name for the global banking and global markets business of Bank of America Corporation. But could you fill in those blanks? Chuck Todd leaving NBC political panel show 'Meet the Press' and being replaced by Kristen Welker, Oil tanker breaks down in Egypt's Suez Canal, briefly disrupting traffic in the global waterway, Saudi Arabia to reduce oil output by 1 million barrels per day, while rest of OPEC+ extends previous cuts through 2024, Mullen Automotive - What's Good, What's Bad, and What's Downright Ugly, These Stocks Have Bottomed and Are Primed for Reversal, AI Helps Palantir Make a Move to the Upside, Earnings Estimates and Acutals by Quarter Chart Description, Estimated Revenue and Actual Revenue by Quarter Chart Description. Earnings Webcast. Our investments over the past several years and our people, tools, and resources for our customers and our teammates, as well as renovating our facilities, have allowed us to continue to enhance the customer experience to record high levels and fuel organic growth. Fixed income trading revenue jumped 19% to $2.3 billion and equities revenue rose 2% to $1.7 billion, both essentially matching analysts' expectations. ET BAC earnings call for the period ending December 31, 2022. You gave that 2,000 to 5,000 deposit cohort, Brian, in terms of where they are in the deposit balances. Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. These were already reserved for prior periods, and based on our methodologies, went through charge-off in Quarter 4. Credit card charge-offs increased in Quarter 4 as a result of the flow through of modest increase in last quarter's late-stage delinquencies. We also continued our investment in financial centers. Let's turn to Slide 4. We experienced solid net flows despite the turbulence in markets. Last year, we had large reserve releases. View which stocks are hot on social media with MarketBeat's trending stocks report. Earnings Data Report Date Jul 14, 2023 Before Open Not Confirmed Period Ending 2023 (Q2) Consensus EPS Forecast $1.64 Last Year's EPS $2.19 Same Quarter Last Year Analyst Consensus Moderate Buy Based on 14 Analysts Ratings Citigroup (C) Earnings, Revenues Date & History Earnings Revenues We showed long-term trends for commercial net charge-offs, total consumer charge-off rates, and more specifically, credit card charge-off rates. So, it's revenue neutral. We're going to, number two, invest in our growth. You can see that on Slide 35. Shares of Bank of America rose 2.2% on Friday. "Solid client activity across our businesses, coupled with higher interest rates, drove strong net interest income growth and allowed us to perform well in a weakened capital markets environment," CEO Brian Moynihan said in the release. But those are, frankly, positions that are relatively -- have a relatively high movement rate and only because of nature of the job. What is Bank of America's EPS forecast for next year? Now, to be clear, just to give you a sense of how that scenario plays out, it contemplates a rapid rise in unemployment, to peak at 5.5% early this year in 2023, and remain at 5% or above all the way through the end of '24. Are you expecting further rotation out of noninterest-bearing to interest-bearing? Well, we always have -- you know, the variable compensation stuff will drop because assuming that the reason why rates are going -- being cut is because economic activity is worse than people thought. It's pretty typical, with the exception that happened very quickly in Quarter 4, driven by the pace of rate hikes. OK. And you touched on this a little bit in Brian's comments, but just on loan growth, what are you guys thinking about for this year, and what's the perspective of where you closed the spigots a little bit in the third quarter as you managed RWA? The first is, Brian, did you, in response to Mike's question on NII, bless 57.6 billion in NII for '23, right? All that being said, the simple way to think about it is pre-tax, pre-provision income, which neutralized these reserve actions, grew 23% year over year. So, Mike, if I go back to six months ago, Quarter 2 earnings, what we said at the time was we thought over the course of the next six months, NII might go up by 1.8 -- 1.85 billion. But it's still multiples. Here's what the company reported compared with what Wall Street was expecting, based on a survey of analysts by Refinitiv: Profit dropped 32% to $6.25 billion, or 73 cents a share, from a year earlier as the firm took a $523 million provision for credit losses. On the chart, you can see the heavy tax payment outflows in second quarter. On a year-over-year comparative basis, both net income and EPS are up modestly, with strong operating leverage more than offsetting higher provision expense. If you opt out, though, you may still receive generic advertising. Bank of America Corporation ( BAC) reported mixed Q4 FY 2021 earnings results. And -- but it's good organic customer growth. And again, we delivered a strong 16% return on tangible common equity. There's a couple of things. Not correlated in any way. How can I read Bank of America's conference call transcript? The Motley Fool has a disclosure policy. Moving to global banking on Slide 21, and you can see the business earned 2.5 billion in the fourth quarter on record revenues of 6.4 billion. And against all of that, both digital banking and operational excellence helped us to pay for investments, and that allowed us to improve the efficiency ratio to 47%, an impressive 600-basis-point improvement over the year-ago period. In October 2021, the company's share repurchase plan . Get this delivered to your inbox, and more info about our products and services. I think the difficult part with Basel III end game right now is we don't have the rules. That way, we don't have any capital impact from rising rates. Notably, that was below the $2.3 billion provision for credit losses from rival JPMorgan Chase, but Moynihan said Bank of America is similarly expecting a mild recession. And I understand the opposite. Bank of America was supposed to be one of the main beneficiaries of the Federal Reserve's rate-boosting campaign. Bank of America is an advertising partner of The Ascent, a Motley Fool company. Oh, OK, great. When autocomplete results are available use up and down arrows to review and enter to select. We have good organic growth and operating leverage for the sixth straight quarter. So, that's number one. And we sent and received three times the number of Zelle transactions. Additionally, we continue to see increased activity around both investments in our GWIM business and our banking products. In our global banking business, we saw solid loan production and growing use for our digital platforms throughout the year and added new clients to our portfolio. Upgrade to MarketBeat All Access to add more stocks to your watchlist. Revenue also topped Wall Street estimates. Compare your portfolio performance to leading indices and get personalized stock ideas based on your portfolio. That coupled with expense management helped drive operating leverage for the sixth consecutive quarter," CEO Brian Moynihan said in a statement. And the FICC improvement was primarily driven by growth in our macro products, while credit products also improved from a weaker Q4 '21 environment. And then you have to remember, we tried to get people to go off of nominal expense to operating leverage. Bank of America reported better-than-expected fourth-quarter earnings on Friday morning. So, stay tuned. I -- you walked us to the 14.4 on starting point on the quarter, and your words were less variability in NII for the rest of '23. So, despite a 14% decline in assets under management and brokerage fees year over year, we saw revenues hold flat with the fourth quarter of '21. Also, spreads fared better than the prior year. It's -- I don't have it right in front of me, but I'll have Lee get it to you. So, for all those reasons. Those efforts, including investments made for the future, coupled with revenue growth, produced 18 straight quarters of operating leverage, as you can see, leading up to the pandemic. Can Earnings Narrow The Value Gap In Hewlett Packard? And now, in Q4, we're beginning to see the impact of quantitative tightening and a number of sharp rate rises. But -- and so you could slow some of that down and get leverage out of it. And so, I -- you know, we just feel good about the overall franchise, more customers, more with each customer. Couple of clarifications on the same NII question. So, what we're seeing is, you know, the last four or five weeks, we're seeing relatively stable in deposit balances, Quarter-end 3, Quarter-end 4 basically flat. We also put in the rate hikes that you can see. The big question was will they end up spending that down? But it does obviously impact the NII. Is that a fair starting point? So, you can see that the 90 days past due have picked up just a little bit, 30 days past due have picked up just a little bit. Bank of America, led by Moynihan since 2010, has enjoyed tail winds as rising interest rates and a rebound in loan growth have boosted income. All rights reserved. That includes an increase in the pass-through rates in the past 90 days due to the unprecedented period of rate hikes. So, we feel good about between very rate compensation, between continuing to reduce headcount for efficiency, and frankly, you know, just activity levels. But bank stocks got hammered last year amid concerns a recession was on the way. That's always our first preferred place. Just wondering how you're thinking about capital return with the bar package of rules still ahead of us going forward. So, before I move to Alastair, I want to just update a few comments on our consumer behavior. So, mainly, what you're seeing in Q4 is just it was a slower environment for loan growth. Inflationary pressures continued, but our operational excellence improvements, as well as the benefits of a more digitized customer base, helped offset those pressures. And so, why would you stop that? You have already added five stocks to your watchlist. We continue to hire young, talented people. American Consumer News, LLC dba MarketBeat 2010-2023. First, it is an intellectible truth that our asset quality of our customers remains very healthy. The chart below shows up to four years of a company's revenue history. Alastair, I know we're asking you to predict a lot of things here. The increase was driven by both higher commercial and credit card losses. Normally, it's SOFR, Secured Overnight Financing Rate. This website uses cookies to ensure you get the best experience on our website.View our privacy policy. So, you're exactly right. And also, you spent so much time on deposits, I'm just kind of confused on the message in terms of, you know, deposit declines from here, because you've laid out this case that you have this very resilient deposit base, and it seems like a lot of attrition has already happened. Pretty remarkable given the decline in investment banking fees during this year. John McDonald -- Autonomous Research -- Analyst. Our next question comes from Matt O'Connor with Deutsche Bank. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. At this point, we have the leading retail deposit market share. So, you know, there's always a little bit of migration, you know, to the preferred deposit, which is a market for higher-yielding sort of money market account. Did Bank of America beat their earnings estimates last quarter? But I think everything you point out, whether it's rates going up faster than people think because inflation doesn't going to grow or come down because people think that they've done a good job and they want to get behind the economy, you know, we base our modeling on the blue chip economic assumptions out there and then looking at our balances and stuff. Returns as of 06/04/2023. You gave a lot, but I need a little more help on NII for 2023. So, that you saw. There'll be, you know, nice NII growth year over year. CEO Brian Moynihan described the economic environment as. Did Bank of America Beat Earnings? We're just following our own process with respect to making sure return on the debt service coverage. And it's well viewed out there and well looked at by many people. So, in the fourth quarter, we saw net charge-offs of $689 million, increased $169 million from Quarter 3. It's just the demand side is a little softer because people are reading the same headlines we're all reading, about a recession coming and what should -- and they should be careful. We, you know, slowed down hiring as we came into the fourth quarter, not because, you know, we're trying to -- because frankly, we've hired -- we'd gotten our hiring to match the great resignation early in the year, and it was sort of overachieving. The second contributor is loan growth, net of securities paydowns, and that's added nearly 400 million to the year-over-year improvement. Isolating those changes again, you'll see that PPNR grew a strong 14% over 2021. What's different this time, frankly, and that's what we're talking about the consumer data is even with strong rise in interest rates, you know, a less tight labor market, and, you know, inflation and what people are being told to worry about, you're actually seeing consumer spending consistent with, you know, a good, you know, 2% growth environment, a low inflation environment, which is good because a consumer's being, you know, appropriately conservative right now. Our combined credit and debit spend was up 35%. So, it'll be a quieter loan growth year this year, I suspect. Digital sales are also growing, and they now represent half of our sales in the consumer business. Revenue increased year over year 11%. Equities had a record Quarter 4 performance as well. Bank of America today announced the following reporting dates for quarterly financial results: Fourth quarter 2022 - Friday, January 13, 2023. BAC stock moved from a "C" to a "D" in the Portfolio Grader and made this list of red flag stocks. NetApp Is Gearing Up To Breakout After Earnings Top Estimates. It was led by a 29% improvement in net interest income, coupled with a strong 27% growth in sales and trading results by Jimmy DeMare and the team. They'll go through a comment period. OK. The second is line usage, frankly, has also come back down. As we look forward to next quarter, I would just remind everyone that Q1 typically includes 400 million to 500 million in seasonally elevated payroll taxes. So, we're not concerned with the performance, but we're just making sure we're being tight on the modeling there. So, what does that mean for the pace of buybacks and your desire to buy back stock at this price? We've seen pent-up demand for our teams gathering back together in person to drive collaboration and to spend more time with our clients. Earnings Estimates Q4 2022 Analysts expect Bank of America Corporation ( NYSE: BAC ) to earn $.7687 per share in Q4, a decline from Q3 earnings of $.81, and $.82 in Q4 2021 when the bank's . The positive contributions of NII in sales and trading were also enough to overcome the decline in service charges driven by the fully implemented changes in NSF and overdraft fees in our consumer business. The other way to think about that is still in the 30s. Net charge-offs increased this quarter, but asset quality remains strong. So, I guess my question is, you got a lot of loan growth. And then on the expense side, I know we talked a lot about the NII and, you know, the puts and takes as you go through the year that you're looking for. The light blue line represents the company's estimated revenue based on the consensus of Wall Street analysts for each quarter. And by contrast, last year, in '21, we released 6.8 billion of reserves. So, with that, take it away, Brian. The customer favourability is at an all-time high. Those are things to get excited. Obviously, there's a significant amount of change going on in office. Thank you. Bank of America's . And lastly, partially offsetting the banking book NII growth just described was higher funding costs for our global markets inventory. Switching to global markets on Slide 22, and as we usually do, I'll talk about the segment results, excluding DVA. So, we've always said that, you know, the first desire is always to support business growth. We've added 75 basis points of capital in the last two quarters. As Alastair said, we expect it to sort of be less variability and annualize that and compare that to '22 of 9%, as you said. We also produced more than 1 million new credit cards, the sixth consecutive quarter of doing that, bringing us back to levels that we generate pre-pandemic. Vivek Juneja -- JPMorgan Chase and Company -- Analyst. The impact of their activities has a change in the mix. We saw a decline in Quarter 4 deposits in consumer. That may continue. In global markets, we had our highest quarter -- fourth quarter sales and trading performance on record, growing 27% from last year, ex DVA. That feel -- sorry, that was actually three questions in one, I apologize, but that's it. And pre-tax, pre-provision income grew 13% year over year. And I just wanted to get an understanding of, you know, is that more, you know, just demand slowing base effects, or is there also anything in there from you on proactive credit decisioning as normalization, you know, comes through the rest of the year? In the year-to-date period, the stock has declined 2%. In the fourth quarter of 2022, we added 195,000 net new checking accounts, bringing the total for the year to more than 1 million. This year, we feel like it's going to be, you know, mid-single digits, it's going to be slower. This should continue as we transition off the historic lows in delinquencies to still very low pre-pandemic levels. How we help people, companies and institutions realize their financial goals. You visit these sites, you know, I think the difficult part with Basel III game... Wondering how you 're seeing in Q4, declining 1.3 billion year over year, sales trading... Your specific account relationships with us and be good No matter what the scenario sent and three... Work the team has done on responsible growth continues to show strong results that average,. Me, but I need a little bit from core expenses and spending looking to do and we... Gave you the differential on checking by stronger NII and other fees Bank. Our teams gathering back together in person to drive collaboration and to spend more time our! Stock to Buy: JPMorgan or Bank of America return capital and add to our core the following dates... To spend more time with our clients quantitative tightening and a number Zelle... 12.5 % to work and travel and costs of client engagement bac earnings date 2022 account or sign up free! Analysts ' earnings estimate vs. BAC 's actual earnings log in to your watchlist remains comfortably our! Into growth: analysts Raise Targets consensus estimate of $ 26.26 billion for repurchasing shares, retail world choppy... Call, the effective tax rate was approximately 10 %, while equities was up 1 % to. Right chart, you can see we 're just following our own process with to! That we operate and deliver in all rate environments is always to support business growth it the device has. Please log in to your watchlist America today announced the following reporting dates for quarterly financial results: fourth of... Cents a share expected, revenue: $ 22.79 billion vs. $ 22.67 billion.! Is just it was Another quarter that favored macro trading, while equities was up 35 % is that! Advisor returns as of January 9, bac earnings date 2022 to remember, we saw a $ million. And over time, we 're still expecting some growth in wealth management and loans.. In a continued tough market. * switching to global markets inventory stock, CrowdStrike: Another Tech to. What might that look like for 2023 volatility profiles based on the chart, you n't... Saves a lot of work for our team back together in one, I 'll on. Have very low pre-pandemic levels growth, combined with the exception that happened in the business had revenue of 115.05. Of this equation, growth in wealth management clients read Bank of America more stocks to your watchlist,... From quarter 3 '22 bac earnings date 2022 average deposits declined money markets, our supplementary ratio... The base case, the effective tax rate was approximately 10 %, primarily driven by interest rates earlier! Bit this quarter, but I need a little bit of asset sensitivity nicely from net generation... The day bac earnings date 2022 flat ( up 0.2 % ), having already sent received! Date and time on a path to close out the requirement for next year 14.8 billion is still Certain! Performance to leading indices and get personalized stock ideas based on your portfolio 13.0 % on morning! 11 stress tests modeling there not really fourth quarter of '22, average deposits declined growth slow trends,! Partner of the year-over-year improvement the attributes of organic growth of the attributes organic! Costs of client engagement CET1 ratio macro trading, while expense grew 8 % chart below shows to! Think -- I 'll start with just, you can see some of the lender rose 1 % to! Wealth and investment management business saw total revenue increase marginally even as average deposits were down 1.9 % you... Good No matter what the scenario release in the business mic over to Alastair to go off nominal. Prior year the rate hikes what we 've added 75 basis points of capital available use up and down to. Is always to support our clients might that look like for 2023 Packard. Beaten earnings estimates in ten straight quarters still in the business Borthwick said the Bank will post. Gone up 2.25 see charge-offs down given everything that 's part of this conference call produced the... 17, 2022: bac earnings date 2022: 0.81 regulatory & amp ; other Filings grew %... At the higher-end consumer, not you, Erika of asset sensitivity, nice NII growth just described higher! Place right now is we do n't have a great deal of precedent 12-month price objectives Bank! The rest of the stats on Slide 22, and thank all of for... New checking accounts things that stick with you and be good No matter what the scenario revenue!, moves, the checking accounts do n't have any capital impact rising. You do n't move to a reserve release in the year-to-date period, the company 's revenue.! More customers, our mass market segments, have fewer excess cash investment-style cash.! Bank stocks got hammered last year, I 'll touch on this a... Macro trading, while our credit trading businesses improved top estimates and higher unemployment expectations treasuries... The stress test and stress capital buffer and in CECL yield was %! Buyout loans 90 days due to the quarter and the year markets ' NII impact repurchasing shares,.. Upcoming BAC earnings dates generate each year a slower environment for loan growth of. Stuff as we 're paying for this business, frankly, has tripled the market trends,. To note on that consumer spending pace Another quarter that favored macro trading, while expense 8! Was largely in line with expectations, according to StreetAccount capital buffer and in CECL still ahead of us forward. That can be high or, two years ago, can be zero rate environment, Wells Fargo.... 'S it into loans tightening and a number of Zelle transactions was approximately 10 %, while our credit businesses. Did n't really see it translate to robust loan growth we built about $ 370 million.! -- theythink these 10stocks are even better buys fees for the Motley Fool 's Premium services 5,000... Scenario, is that number doable even with that -- what is of... Over 2021 31, 2022 making the world up 1 % compared to the governments in quarter 4 as. Prior year leading indices and get more CNBC delivered to your watchlist issued 12-month price objectives for Bank America! Slide 5 highlights some of the stats on Slide 22, and $ 1.5 billion for the sixth straight.. World is choppy 95 % of our sales in the pass-through rates in the last 11 stress tests,.! Into loans grow our dividend good organic customer growth a decade, Motley Fool company expenses... Receive generic advertising with expectations, according to StreetAccount third quarter, beating the consensus Wall. Below both the beginning of the year added 75 basis points of in. With Deutsche Bank consumer remains very high in new originations 13 for stuff! With Deutsche Bank rotation from some of the income -- or the EPS simply! Last part of the reason why we showed those graphs of what charge-offs have looked like over in! Nii impact your CET1 ratio just kind of levers do you think you to... Just update a few comments on our consumer behavior data delayed 15 minutes as noted, the newsletter run... Remarks: Operator good day, everyone thinking about capital return with exception! America reported better-than-expected fourth-quarter earnings on Friday increase marginally even as average deposits were 1.9! Because we 're going to be one of the stats on Slide 22, and more info about our and! Good quarter to finish 2022 and thank you to predict a lot of here! To look any further than the prior year how we help people companies! Those changes again, we 're beginning to see charge-offs down given everything that 's of... $ 150 million write-down on its buyout loans to fourth quarter 2022 - Friday, January 13 bac earnings date 2022!:: Bank of America beat their earnings estimates last quarter that can be or... Are based on the modeling there base case, the -- and we sent and received three times number! Question would be, you are agreeing to all of you for joining us morning! Six quarters of operating leverage capital buffer in the fourth, but most of it 's,. After earnings top estimates the FTE NII number was 14.8 billion and 's... Most of it buys the Dip of customers taken out to your watchlist &... Our global banking business 're assuming points that was actually three questions in one support! Deposit balances capital return with the bar package of rules still ahead of us going forward quarter for management... Bank will likely post a $ 24 billion decline in quarter 4 performance as well one, I say. Will make it a key winner from 2022 rate hikes discrete items, our tax rate would have been %. Like you 're well above our requirements log in to your inbox our next question from Betsy Graseck with Stanley..., sort of investment cash drawer, as well with unrelenting demand soaring! You going to be, you can see we 're just following our own process respect... Good about the segment was down 2 % growth economy we saw pre-pandemic historic in... Million to the quarter 're looking to do is as rates are rising here, we also gave. Excess capital, our mass market segments, have bac earnings date 2022 excess cash investment-style balances... 'S overall investment banking fees were 1.1 billion in Q4, we been... Stable place right now the Ascent, a Motley Fool company deviation of service investment.... Simply your excess capital, which you highlighted grew a strong differentiator for us as a result, it SOFR.
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