CNBC Television Bank of America posts third-quarter revenue miss

🎯 Загружено автоматически через бота: 🚫 Оригинал видео: 📺 Данное видео принадлежит каналу «CNBC Television» (@CNBCtelevision). Оно представлено в нашем сообществе исключительно в информационных, научных, образовательных или культурных целях. Наше сообщество не утверждает никаких прав на данное видео. Пожалуйста, поддержите автора, посетив его оригинальный канал. ✉️ Если у вас есть претензии к авторским правам на данное видео, пожалуйста, свяжитесь с нами по почте support@, и мы немедленно удалим его. 📃 Оригинальное описание: Bank of America shares declined after the lender posted third-quarter results that missed on revenue. The firm generated $ billion in revenue, missing the $20.8 billion estimate of analysts surveyed by Refinitv. CNBC’s Wilfred Frost reports. For access to live and exclusive video from CNBC subscribe to CNBC PRO: Bank of America shares fell in Wednesday’s premarket after the lender posted third-quarter results that missed on revenue. The bank said it generated $ billion in total revenue, missing the $20.8 billion estimate of analysts surveyed by Refinitv. Profit in the quarter slumped 16% to $4.9 billion, or 51 cents a share, edging out the 49 cent estimate. Shares of the firm dropped 3.8%. Analysts have long considered Bank of America, with its vast deposit base, as the big bank most sensitive to swings in interest rates. The industry has been under pressure after the Federal Reserve said it will maintain a zero-rate policy for years in response to the coronavirus pandemic. That squeezes the spread that banks earn by taking in deposits and making loans. The bank’s net interest income fell by 17% in the quarter from a year earlier to $10.2 billion. CEO Brian Moynihan has said that the key figure will likely bottom in the third quarter. The firm also missed on net interest margin, a related metric, which was %, 10 basis points below the estimate. While rivals JPMorgan Chase and Goldman Sachs each posted trading results that exceeded expectations by hundreds of millions of dollars, Bank of America didn’t fare as well. The firm’s bond trading desks produced $2.1 billion in revenue, under the $ billion estimate of analysts surveyed by Refinitiv. The bank’s equities operations matched estimates at $1.2 billion. The bank said it had a $1.4 billion provision for credit losses in the quarter, much less than the $5.1 billion in the previous period. Bank of America, the second-biggest U.S. lender by assets, has booked a total $9.8 billion provision for credit losses in the first two quarters of 2020. JPMorgan and Citigroup each posted results that beat analysts’ expectations as they set aside less money for defaulting loans. Shares of Bank of America have declined 29% this year through yesterday, a slightly better performance than the KBW Bank Index. » Subscribe to CNBC TV: » Subscribe to CNBC: » Subscribe to CNBC Classic: Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide. The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: Connect with CNBC News Online Get the latest news: Follow CNBC on LinkedIn: Follow CNBC News on Facebook: Follow CNBC News on Twitter: Follow CNBC News on Instagram: For info on the best credit cards go to CNBC Select: #CNBC #CNBCTV