00:00It has a similar flavor, I must say, to Goldman Sachs.
00:03That is a big beat on equities and a really large number for equity trading,
00:06but a slight miss on FIC trading.
00:08So the numbers themselves, equities, comes in at $2.83 billion.
00:12The expectation was just over $2.5 billion.
00:15That is a record quarter from Bank of America when it comes to equity trading,
00:20which means their overall trading numbers,
00:22a slight miss because of a miss on FIC, $6.3 billion.
00:25That still is a record quarter for trading.
00:28FIC comes in at $3.5 billion.
00:30The estimate was for $3.8 billion.
00:33So that is where we are seeing a miss in their trading numbers.
00:36But again, it reflects a really strong first quarter for all of Wall Street,
00:39given the volatility and the results on the trading desk.
00:42When it comes to their net interest income, that is a beat to $15.75 billion.
00:47The estimate was for $15.37 billion.
00:51It's something the company had been very optimistic about.
00:54Their co-president not that long ago was guiding towards at least 7% growth
00:57in net interest income.
00:58So we expected that to be a strong number.
01:01I would just flag what they're saying about credit.
01:04We've seen the banks, many of them for the first time,
01:06break out their private credit exposure.
01:08Bank of America, no exception in this regard,
01:11breaking out that they have $20 billion worth of exposure to private credit.
01:15That would actually put them in the smallest camp of all of the banks
01:19we've heard from so far.
01:20Just a reminder, Citi, $22 billion.
01:22Wells, $36 billion.
01:23J.P. Morgan, $50 billion.
01:25So Bank of America showing that they have less exposure to private credit
01:28than their banking peers.
01:29Finally, just some of the commentary we're getting from Brian Moynihan,
01:32saying, we remain watchful of evolving risks.
01:35However, we saw healthy client activity,
01:37including solid consumer spending and stable asset quality,
01:41indicating a resilient American economy.
01:43So something we've heard from other executives,
01:46everything looks good for us, but there are evolving risks.
01:48Thanks.
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