According to recent reports, Bank of America caps an Underwhelming Bank earning season. On Monday, The Bank of America Corporation reported a 12% drop in its first-quarter profit. The bank also reported a 9% rise in consumer banking revenue. It raised up to $8.8 billion dollars in the quarter ended March.
The Chief Financial Officer of Bank of America Corporation, Alastair Borthwick said in a statement that “ The First quarter results were strong despite challenging markets and Volatility“. Its Net interest income is also increasing by $1.4 dollars versus a year ago and its quarter was also supported by strong loans and deposits.
• Earning season is the period in which a large number of traded companies release their quarterly earnings report.
• Each earning season begins one or week after the last month's quarter. December, March, June, and September are the quarter months.
• All the information which is shared during this season clarifies some specific details about a company n, what are their trends in various industries? And also about the rate of economic growth in a broad and clear way.
• The next release of a Company's financial report is done on earning date.
• This date also clarifies all the official announcement which is related to a company's profitability for a special during of time.
• If any company has been commercially leading up to the announcement then its share price usually increases up to it and slightly after the release of whole information.
• The Bank of America Corporation is an American multinational Corporation Bank. It is also a financial holding company. It was established in the year 1998.
• The headquarter of this Bank is in Charlotte, North Carolina.
• This bank was founded in San Francisco.
• It is the second-largest institution after JPMorgan Chase.
• It is also the eighth-largest bank in the world.
• Approximately 10.73% of all American deposits are served.
• Berkshire Hathaway is the owner of The Bank of America Corporation.
•The primary service of this bank are commercial banking, wealth management, and investment banking.
• It has total of 4,600 retail financial centers and automatically 16,200 ATMs ( Automatic teller machines)
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