From JPMorgan Chase to Citigroup, some of America’s largest banks released their quarterly earnings results this week, and the numbers suggest that these financial institutions are leaving behind the coronavirus pandemic. Bank stocks could extend their rally now that the latest figures show that businesses and individuals are borrowing again.
Bank of America
Bank of America topped estimates in its third-quarter earnings results, confirming better-than-expected loan losses and record advisory and asset management fees.Profit at the second-largest bank in the United States rose 58 percent to $7.7 billion, buoyed by revenue of $22.87 billion, a 12 percent surge. As a result, earnings came in at 85 cents a share, exceeding analysts’ projections of 71 cents.
