Bank of America registers 10% Y/Y increase in Global Markets revenue in Q3 2023
Bank of America Corp (NYSE:BAC) today posted its financial report for the three-month period to end-September 2023.
The Global Markets segment delivered net income of $1.2 billion, am increase of $183million, or 17% from the year-ago quarter.
Excluding net DVA, net income of $1.3 billion increased 17%.
Global Markets revenue of $4.9 billion increased 10%, driven primarily by higher sales and trading revenue.
The Global Markets segment delivered sales and trading revenue of $4.4 billion, up 8% from the corresponding period a year earlier.
Fixed income, currencies, and commodities (FICC) revenue increased 6%, to $2.7 billion, driven by improved trading in credit and mortgage products, partially offset by weaker trading in currencies and rates.
Equities revenue increased 10%, (ex. DVA, up 10%)to $1.7 billion, driven primarily by an increase in client financing activities.
Across all segments, net income rose 10% from the year-ago quarter to $7.8 billion, or $0.90 per diluted share, compared to $7.1 billion, or $0.81 per diluted share for Q3-22.
Revenue, net of interest expense, increased 3% to $25.2 billion.
Net interest income (NII) rose $614 million, or 4%, to $14.4 billion ($14.5 billion FTE), driven primarily by benefits from higher interest rates and loan growth. Noninterest income of $10.8 billion increased $51 million, as higher sales and trading revenue and asset management fees more than offset lower other income.