As we expected, third-quarter earnings reports for the largest section of your portfolio, were well above expectations and should cause very positive movement. Bank of America shares, which gained 42% this year through Wednesday, advanced 2.9% to $44.38 at 8:09 a.m. in early New York trading.
“The economy continued to improve and our businesses regained the organic customer growth momentum we saw before the pandemic,” Chief Executive Officer Brian Moynihan said in a statement Thursday. “Deposit growth was strong and loan balances increased for the second consecutive quarter, leading to an improvement in net interest income even as interest rates remained low.”
For Citigroup, net income jumped 48% to $4.6 billion, or $2.15 per share, from $3.1 billion, or $1.36 per share, a year earlier. Analysts on average had expected a profit of $1.65 per share, according to Refinitiv IBES data.
In addition, jobless claims posted a much larger-than-expected drop in initial unemployment claims with only 293,000 versus 320,000 expected. This is consistent with our guidance all year and is likely to contribute to a strong close to the year.
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