Bank of America and JPMorgan Chase both released earnings reports last week that surpassed analysts' estimates, reports said Friday (Jan. 13).
Bank of America posted earnings of $0.40 a share, a significant improvement from the $0.27 a share the bank posted a year prior. The bank reported $20 billion in revenue, marking a 2 percent year-over-year increase. According to reports, analysts had predicted the bank to hit $0.38 a share with $20.87 billion in revenue.
Bank of America had made several steps to strengthen its corporate banking and finance operations in the quarter, including joining Nav, an online small business lending platform, as well as partnering with Earthport to expand its ACH cross-border payments capabilities.
Global banking loans were boosted to $15.6 billion, the bank said. Shares for Bank of America still declined, however, dropping up to 0.79 percent to $22.74.
Meanwhile, JPMorgan Chase also released promising stats. The company reported earnings of $1.71 per share, hitting $23.4 billion in revenue. That's compared to estimates of $1.42 per share and $23.91 billion in revenue. JPMorgan's Corporate and Investment Bank unit saw a net revenue increase to $1.96 billion (up from $1.76 billion in the same quarter a year ago). Shares for the bank increased by up to 0.31 percent.
Last month, JPMorgan, along with Goldman Sachs and ICAP, prepared to invest up to $20 million in blockchain startup Axoni, according to unnamed sources. The bank also hit a significant milestone in the quarter, surpassing the $1 trillion mark in merchant processing.
