Bank of America delivered $0.74 Earnings Per Share for the fiscal quarter ending December 2019. In doing so, the reported EPS exceeded the consensus forecasts for earnings of just $0.66 per share.
The net income of the company was $7 billion, which marks a 4 per cent decrease compared to the $7.4 billion that was reported for the previous year.
Nevertheless, net revenue edged higher relative to the initial forecasts, which is the primary reason why the earnings report is considered to be a success. Bank of America reported net revenue of $22.5 billion vs $22.35 billion expected.
Paul Donofrio, Chief Financial Officer, commented on the findings of the report by stating that:
“The company managed well through a period of transition from rising rates to lower rates over a short period of time. Solid client activity in growing loans and gathering deposits helped us offset spread compression. We also are aided by diverse lines of business and operations, with noninterest income comprising nearly half of our revenue.”
Despite the overall positive earnings report, however, the share price did not manage to register any significant gains and subsequently failed to make a new record-breaking high above 35.72.
The share price instead followed a similar pattern to JPMorgan’s stock, which, too, had a robust earnings report.
Bank of America’s share price registered three days of muted price action, and the current market momentum is turning ostensibly bearish.
The shooting star candlestick is especially evocative of the building-up bearish sentiment in the market.
The price could likely tumble to the major support level at 33.30 before the bullish swing is renewed.
Bank of America 1D Share Price. Image source: Trendsharks ©, created with TradingView.com
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