banking-finance

Bank of America Caps an Underwhelming Bank Earnings Season

Bank of America

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.

 

What is an earning season in Banks?

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.

 

What is an Earning Date?

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.

 

What is  Bank of America Corporation?

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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