Bank of America’s Earnings Beat Forecasts as Lending Picked Up
In what has otherwise been a challenging earnings season for banks, Bank of America’s results topped analysts’ estimates on both the top and bottom line.
Bank of America (ticker: BAC) benefited from a strong pickup in lending activity following a nearly two-year drought caused by pandemic stimulus. The bank posted earnings of $0.80 a share, well ahead of the $0.75 per share forecast by analysts surveyed by FactSet. Revenue of $23.2 billion came in slightly above estimates of $23.1 billion.