Bank Of America Revenue Drops, But Beats Forecasts

Bank of America

Bank of America Corp (NYSE:BAC) released its earnings report for the three months through September 30 2013 this morning before the market opened on Wall Street. The bank showed earnings per share of 20 cents per share on revenue of $22.03 billion. Shares in the company will open on today’s market at $14.24.

Bank Of America Revenue Drops, But Beats Forecasts

In anticipation of this earnings report analysts following Bank of America Corp (NYSE:BAC) were looking for earnings of 19 cents per share on revenues totaling $22 billion. In the same three months of last year the company earned 15 cents per share on revenue of $20.7 billion.

Bank of America earnings

Like the rest of the banks in the United States, Federal Reserve policy is one of the major drivers of performance at Bank of America Corp (NYSE:BAC). The taper talk that dominated headlines in recent months caused an increase in interest rates across the board, and hit the mortgage business hard.

Bank of America Corp (NYSE:BAC) earnings have been mixed so far in 2013, but the company’s share price indicates that investors believe the firm is primed for growth in the coming months.

Bank of America performance

In the five days’ trading leading up to the release of this earnings report Bank of America shares gained just over 1.35%. The company’s stock, like that of the other major banks, has performed very well in the year so far. The firm’s stock is up by more than 22% since January 1. Stock in Bank of America is still far below where it was trading before the financial crisis hit the company.

Bank of America Corp (NYSE:BAC) will host an earnings call to discuss its quarterly numbers at 8:30 AM EST. Analysts and investors on the call will be anxious to find out what the company’s projections for the rest of the year is, and what the company is doing to buffer itself from Federal Reserve policy and regulatory changes.

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