{"id":73357,"date":"2023-10-16T19:51:37","date_gmt":"2023-10-16T23:51:37","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/bank-of-america-earnings-are-tuesday-what-to-expect\/"},"modified":"2023-10-16T19:51:41","modified_gmt":"2023-10-16T23:51:41","slug":"bank-of-america-earnings-are-tuesday-what-to-expect","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=73357","title":{"rendered":"Bank of America Earnings Are Tuesday. What to Expect."},"content":{"rendered":"
\n
<\/p>\n

<\/p>\n

<\/p>\n<\/figure><\/div>\n

\n Bank of America
\n will have all eyes on its balance sheet when it reports third-quarter earnings before Tuesday\u2019s opening bell. <\/p>\n

The expectations for Bank of America (ticker: BAC) are muted, especially compared with the strong showings last week from
\n JPMorgan Chase
\n (JPM),
\n Citigroup
\n (C), and
\n Wells Fargo
\n (WFC). Profit is expected to be $6.7 billion, slightly higher than the year-ago quarter, amounting to earnings of 83 cents a share on revenue of $25.1 billion.<\/p>\n

\n

Net interest income, which has been a savior for banks in this shaky economy, is expected to climb 2%, to $14.1 billion. <\/p>\n

In contrast, JPMorgan had a 30% year-over-year jump in net interest income because of its acquisition of
\n First Republic Bank
\n in May. And Wells Fargo\u2019s net interest income climbed 8%. <\/p>\n

Yet even with the jump in net interest income, bank executives have cautioned that the boom days could be ending soon. JPMorgan chief executive Jamie Dimon cautioned last week that the bank may be \u201cover-earning.\u201d <\/p>\n

With Wall Street tempering its expectations on more net interest income gains, investors will be looking to other parts of Bank of America\u2019s business as it posts results\u2014and that means the balance sheet.\u00a0<\/p>\n

Barron\u2019s has reported that Bank of America has emerged as the \u201cproblem child\u201d of the big banks.\u00a0<\/p>\n

Its holdings of low-yielding mortgage securities and government debt had it sitting on unrealized losses of $105.8 billion as of the close of the second quarter\u2014nearly a fifth of the industrywide unrealized losses on bondholdings due to the Federal Reserve rapidly hiking interest rates. <\/p>\n

Even worse, those paper losses are forecast to have climbed another $10 billion to $15 billion in the third quarter\u2014driven by the spike in bond yields, according to a Barron\u2019s estimate.<\/p>\n

Because of Bank of America\u2019s \u201ctoo big to fail\u201d status, few expect the lender to suffer anything near the same fate that led to the collapse of Silicon Valley Bank, but the paper losses are a gigantic drag.<\/p>\n

It\u2019s a problem that Bank of America is well-aware of.<\/p>\n

\u201cYou know that we\u2019re taking the portfolio and just making it smaller,\u201d Chief Financial Officer Alastair Borthwick told analysts on the bank\u2019s first-quarter earnings call in April. \u201cWe\u2019re taking all of that and plowing it into cash and loans.\u201d<\/p>\n

Bank of America shares are down 18% this year; the
\n KBW Nasdaq Bank Index
\n (BKX) is off by 23%.<\/p>\n

Write to Carleton English at carleton.english@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bank of America will have all eyes on its balance sheet when it reports third-quarter earnings before Tuesday\u2019s opening bell. The expectations for Bank of America (ticker: BAC) are muted, especially compared with the strong showings last week from JPMorgan Chase (JPM), Citigroup (C), and Wells Fargo (WFC). Profit is expected to be $6.7 billion, […]<\/p>\n","protected":false},"author":1,"featured_media":73358,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-73357","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nBank of America Earnings Are Tuesday. 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