The capital build was obviously faster than expected or at least what most of us have expected. It ends up in a ratio. ET. And what's helping to differentiate Merrill and Private Bank right now is a strong banking business; in this case, to the tune of $339 billion of deposits and $224 billion of loans. Heard you loud and clear on the $61 billion, plus the litigation settlement for full year 2022. Very good color. And we believe that really for three reasons. And so we don't -- I think if you think about just this year's third quarter '22 versus third quarter '21, if you take out the litigation, there's about $600 million increase in expenses year-over-year, $100 million of that is marketing. Ellen Johnson . Thank you, Brian. I guess, to get more precise assessments, you have better resources and better data than we do. It has become a primary interaction method for our clients with more than 130 million interactions this quarter alone. Thanks. That's 60%. Most of my questions were asked already. The first one is, you know, we're still expecting future rate hikes, and, you know, there's going to be some lag to their impact. Service charges, most importantly, on the consumer side, all the [NSS FOD], we're now at the steady-state run rate. On this page, what you see is a 30 to 90 day card delinquencies. Many of the clients prefer that earnings credit adjustment as the way that they essentially pay interest, receive interest and then pay fees. So if you look at Slide 4, you can see some points about the overall health that demonstrate what's going on in the customer base. Can you continue to run down the securities portfolio? While flat year-over-year, within that, we saw a $12 billion decline in year-over-year average deposits on our brokerage platform with some shifts from sweeps to preferred deposits within the platform. You are continuing to another website that Bank of America doesnt own or operate. Thanks. So, we're getting more yield, and we're reducing the RWAs with that. Customers are finding it increasingly convenient to access us. The FICC improvement was primarily driven by growth in our macro products, while our credit-traded products were down. This quarter, GWIM opened a record number of bank accounts. So, there's an inherent conservatism built into that reserving level. Heard you loud and clear on the $61 billion, plus the litigation settlement for full year 2022. Please note this call is being recorded. let me -- Ken, just -- one of the things I think if it goes a little bit to Mike's point a little bit to some of their points, is that about 80-odd percent, if I got exact I think it's 84%, if I got it? In the wealth management business, we added 400 advisors this quarter. It was led by strong performance of our macro FICC business, which has benefited by investments made over the past year. Both digital banking and operational process improvements are helping to pay for those investments. We run those through the P&L every week, as you know. I want to start by sending our thoughts to the impacted areas from the devastation of recent storms, especially our impacted teammates and their families. So we didn't call that out but that just for the simple reason, it was smaller this quarter. While Bank of America released $1.1 billion in reserves in the year-earlier period, in the third quarter the firm had to build reserves by $378 million. Let me take a couple of minutes to talk to you quickly about the balance sheet and I'll turn it over to Alastair. That's just the seasonal nature of these ESG deals and their installation generally. So that won't be hurting us again from this point forward. [Operator Instructions] We will now. This quarter, Bank of America reported $7.1 billion in net income, or $0.81 per diluted share. NII has improved quickly and the customers' resilience and health remains strong. Is it a lower FICO score customer? Expenses increased 2%, driven by continued client facing hiring and higher other employee-related costs as our advisors are increasing their in-person engagement with clients, and that's partially offset by lower revenue-related incentives. While our reported earnings were only modestly up year-over-year, pretax pre-provision income grew 12% year-over-year which highlights the earnings improvement coming through without the impact of the reserve actions. Talking to 50 different economists, some of whom are in the middle, some of whom are pessimistic themselves, some of them are more optimistic. We obviously took activity on balance sheet optimization, which helped our RWA discussion and have -- that lead us to RWAs and led to the capital levels I talked about earlier. Or any general thoughts or color? Because our consumer delinquencies remain well below pre-pandemic levels. Shareholders' equity was stable with the second quarter at 270 billion as earnings were offset by capital distributed to shareholders and the change in AOCI from [Inaudible]. We'll take our final question today from Charles Peabody with Portales. We sort of resume the path that we've been on. The net charge-offs of $520 million declined $51 million from the second quarter. This drove the effective tax rate a little higher this quarter to more than 14%, still obviously benefiting from our ESG investment tax credits. And the digitization of all the operational process in the company is what you see on Slide 22 on the consumer side. BANK OF AMERICA CORPORATION-18.90%: 289 449 . So we feel like our teams rose to the challenge well this quarter in terms of increased capital requirements. Yeah. [Operator Instructions] Our first question today from Jim Mitchell with Seaport Global. At the same time, 27 million customers visit our financial center in the quarter. Our teams remain busy assisting those clients and associates in the impacted areas. Another chunk is -- another couple of hundred million dollars is technology. And that's, you know, part of these types of inflationary things that you're mentioning which are higher now and then working it down over time. But most of that growth does come, as you're saying, into the compensation, and it ebbs and flows where it goes on a given -- you know, when the markets are driving more investment banking markets and wealth management. You know, I think we have -- but remember that -- I'd be careful about that because basically, the baseline now has built into it, you know, fairly weak, you know, for path in the near term. Yeah, I think we said, yeah, it includes the litigation. Partially offsetting some of the strong card growth in consumer loans, we sold about $1 billion of residential mortgage loans. And so, we don't -- you know, I think if you think about just this year's third quarter '22 versus third quarter '21, if you take it out, the litigation, it's about $600 million increase in expenses year over year, 100 million of that's marketing. Just talk about -- I know you had mentioned both the overdraft run ratings, deposit changes, and CCR. And it doesn't really seem like there was much revenue drag from that. Okay. Your line is open. PDF HTML. That's going to be very different versus our noninterest-bearing accounts. In the wealth management business, we added 400 advisors this quarter. And additionally, lower securities balances over the past six months modestly offset the benefits of year-over-year loan growth. So, it's not big, but it's important for us just to make progress in different areas. First, consumers continue to spend at strong levels. But for the full year, it should end up right around that 12% mark. We had organic growth in all businesses. All Stories . We can see as measured in the [Inaudible] and other things against the third party, it's very rare that we have much to do with anything we have rated. Yes. Bank of America reported adjusted EPS that beat analysts' expectations for Q3 2020. But if you look at our core customer base where the transactional balances drive the outcome, we are seeing steady balances driven by new account activity and a good value proposition we have for our customers. . Contents: Prepared Remarks; Questions and Answers; Call Participants; Prepared Remarks: Operator. I think there's a lot of uncertainty around deposit behavior, betas, what the catch-up rate could be with deposit pricing. We grew revenue 8% year-over-year. As a result, it's another quarter that favored macro trading, while credit trading businesses faced the continued challenging market environment with wider spreads and recession concerns. A perspicacious analyst might wonder whether talk of inflation, recession and other factors would fructify in a slower spending growth. Brian Moynihan -- Chief Executive Officer. And we've already incorporated that analysis into our reserves for the quarter. And that's how we can take the managers in that time period I gave you the headcount slot, the managers came down 10,000 people in that period of time. And we believe that really for three reasons. So in summary, client activity remains good. Welcome to the Grupo Supervielle's Third Quarter 2022 Earnings Call. 7 Stocks to Buy to Outrun Rising Interest Rates, Copper Penny Holds Key To Growing Your Wealth In 2023, A One Stop Shop for Everything Futures Trading. Inflation, continued geopolitical tensions and the changing monetary policies of central banks around the world continue to drive volatility in both the bond and equity markets. We've also managed our expenses very well. While reported earnings were only modestly up year over year, pre-tax, pre-provision income grew 12% year over year, which highlights the earnings improvement coming through without the impact of the reserve actions. So, you'll start to feel some of that in Q1, for example, from the late hikes in this quarter. Obviously, we're waiting along with everybody else. Our advisors added nearly 6,000 new households in the Merrill and Private Bank areas. You gave us enough details. Okay. This takes us back to our five-year run before the pandemic. And then maybe as a follow-up, you guys have done a pretty great job on hedging AOCI risk and the AFS book. Our capital levels today remain strong with $176 billion of CET1. And then third, we've got an opportunity to restrike our balance sheet at higher rates with every opportunity now as things come off of our existing securities portfolio. Pinduoduo Inc. (NASDAQ: PDD) Q3 2022 Earnings Call Transcript November 28, 2022 Pinduoduo Inc. beats earnings expectations. OK. And with that, I'm going to stop there and open it for Q&A. In the first two weeks of October, it showed that strength is still growing at 10%. The $61 billion this year includes the litigation. Content contained herein may have been produced by an outside party that is not affiliated with Bank of America or any of its affiliates (Bank of America). Bank of America, led by CEO Brian Moynihan, was supposed to be one of the main beneficiaries of the Federal Reserve's rate-boosting campaign. Versus the second quarter, NII is up $1.3 billion, driven largely by the same factors, plus an additional day of interest in the quarter. So it's a -- the beta is a product of a mix more than it is a product of any pricing strategy. And frankly, I think this quarter, we still had upgrades exceeded downgrades. First, consumers continue to spend at strong levels. There is no terminal efficiency ratio. I know how you're thinking about growth there. Or do you think you could manage the heavier buyback activity as you build to that 11.4% CET1 by January 1, 2024? We also had lower leasing related revenue comparatively. We just don't see here at Bank of America. Okay. Your line is open. Bank of America's quarterly revenue was in line with consensus estimates, rising 9.8% from the. Let's focus now on deposits use on Slide 10. We added $24 billion of loans since Q3 of '21, growing 12% and this marked our 50th consecutive quarter of average loans growth in the business, consistent and sustained performance. We've said that we start growing in the 1% to 2% category, and that's part of these types of inflationary things that you're mentioning, which are higher now and then working it down over time. And so you're not going to do anything like this afternoon to change the impact. Just one other one, Alastair. And that's improving fixed rate asset replacement and driving down refinancing of mortgage assets, therefore, slowing the recognition of premium amortization recognized in our securities portfolio. Bank of America Corp. Q4 2020 earnings call dated Jan. 19, 2021Corporate Participants: Lee McEntire Senior Vice President, Investor Relations. You mentioned the securities roll-off that you've been able to, you know, mix shift toward a higher yield over time. MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp. Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC, and a wholly-owned subsidiary of Bank of America Corporation (BofA Corp.). So we feel like our teams rose to the challenge well this quarter in terms of increased capital requirements. Our next question comes from John McDonald with Autonomous Research. The decline from prior-year reported net income and EPS comparisons reflect a reserve build versus reserve release from last year. Speaker 1: ( 00:01) And while still strong in September at 10%, spending growth has slowed just a bit from the 12% year-to-date pace, which shows you that early in the year was a faster year-over-year growth rate, but still strong. And then one quick follow-up. And I'll start by adding a little more detail on the income statement and refer you to Slide 6 highlights. Let me also make a few points using the customer activity highlighted on the continued resilience of Bank of America's broad customer base. 10-Q Filing. Moving to Slide 16. Let's go to CET1 waterfall on Slide 8, and we can talk about that. Year-over-year, that premium amortization has improved $1 billion. So there's an inherent in services and built into that reserving level. My projection that, that was going to go on to 40 [Phonetic] but I think it was in the pandemic, and you saw us move up, but we're sitting closer to what we call CECL day one and pandemic implementation. Keep in mind, asset quality metrics were strong even before the pandemic. And that's building $400 million of reserves is a little different constitution and that means unless charge-offs pick up, you're going to see the reserve build start to mitigate because sort of we're sitting here at a pretty conservative scenario now, and it will all depend on that as we go forward. The $61 billion this year includes the litigation. And that would make a total of 2 billion then in Q3 and Q4. And there, that's the weakened that we're applying and in this particular quarter, just to give you an idea Ken, once again, we increased our forecast for inflation in that scenario. So it takes a while to pull the par. I don't want to confuse them. And then most of the RWA optimization, Glenn, that we've been doing is pretty quiet. Average deposit balances of our consumer customer remained at high levels relative to year ago. Yes. Hey, good morning, guys. And so, you know, I wouldn't speculate exactly the numbers. Bank of America is an advertising partner of The Ascent, a Motley Fool company. And our TLAC ratio remains comfortably above our requirements. And so, the securities number this particular quarter was a little larger. On Slide 9, we've laid out average loans. The first one is, we still expect for future rate hikes and there's going to be some lag to their impact. I think part of a bearish theses on the stock is that bearish investors expect some sort of expense catch up relative to how your closest peer -- one of your closest peers is budgeting expenses for not just this year but next year. You mentioned no lost space in the quarter despite all this market volatility. The provision expense increase reflected a reserve build of $144 million in Q3 '22 compared to a $789 million release in the year ago period. nCino (NASDAQ: NCNO) Q3 2023 Earnings Call Nov 30, 2022, 4:30 p.m. Appreciate the color. Expenses this quarter were 15.3 billion, and they included the settlement of our last large remaining legacy monoline insurance litigation. We grew revenue 8% year-over-year. We call that responsible growth. Analysts: John McDonald Autonomous Research Analyst. With that, I'll turn it over to Alastair. Just another -- just a question or two on fees. Expense increased 11% from business investments for growth, including people, digital and marketing along with costs related to opening the business to fuller capacity. And that would make a total of $2 billion in Q3 and Q4, given we just put up $1.3 billion in Q3 and that outperformance, and refreshing our expectation for Q4 at $1.25 billion. And so we continue to reposition money from things we can eliminate the work by the engineering and work and the technology investments that we make enabling the customer uses that technology and pile back into the production side of the company. Can you give us a sense as to what kind of pull the par we should be thinking about for the model on the ASCI hits that you've had to take how many quarters or years should we be thinking that gets raised over? Q3 2022 Earnings Release. I appreciate that. And there's only one point I want to make, looking at this slide and that is delinquencies because our consumer delinquencies remain well below pre-pandemic levels. So that's what we call responsible growth, and now you're seeing interaction. Or these inflation and investments change that range upward? And as they roll off, and remember, there's like 15 billion of them roll off every quarter, we can replace those with treasuries at a higher yield. These are core and foundational elements of the customers' financial activities. Versus the second quarter, NII is up $1.3 billion, driven largely by the same factors, plus an additional day of interest in the quarter. And so, you should expect these buybacks will continue to increase. This highlights the importance of having both high-touch and high-tech approach. And it turns out if you get 35 million people banking in the pocket with a mobile phone, makes a big difference. "Our U.S. consumer clients remained resilient with strong, although slower growing, spending levels and still maintained elevated deposit amounts," Moynihan said in the release. This quarter, Bank of America reported $7.1 billion in net income or $0.81 per diluted share. But I think on an ongoing basis, John, you should assume that we've got $15 billion that just comes in. Focusing on more near-term growth versus the second quarter of '22, our average total loans grew 8% on an annualized basis, led by 12% annualized commercial loan growth and 21% annualized credit card growth, while other consumer loans were relatively flat linked quarter. XBRL. How much were those in the third quarter? Among other things it incorporated, there is a change that allowed solar energy investments to elect production tax credits versus upfront investment tax credits. So we feel that we've got the right mix, and we all look at benefits continuously. And that's how we can take the managers in that time period I gave you, the headcount and managers came down 10,000 people in that period of time. We obviously took activity on balance sheet optimization, which helped our RWA -- discussion -- helped our RWAs and led to the capital levels I talked about earlier. And we're proud of our team's discipline around expense particularly in this inflationary environment, while at the same time, we're modestly increasing our level of investment in the company's future and our growth. We'll just have to see how some of the ins and outs play in terms of some of the stuff running off this year still left over then. Bank of America Corporation is a global leader in wealth management, corporate and investment banking and trading, serving various clients worldwide. And as revenue grew, we've improved the efficiency ratio to 51%. Now, the volatility and generally lower markets levels have put pressure on revenue in this business. Pricing is largely customer-by-customer based on the depth of relationship and many other factors. And if you look at Page 10, you can see that the interest checking noninterest-bearing accounts, the dollar volume of deposits as a total percentage of deposits are a very high percentage, and that's where we focus on. In a rising rate environment, where excess balances can be more expensive, we typically see some runoff, particularly in high liquidity environments as clients both use cash for inventory build and begin to manage their cash for yield. Thank you, Kathrin. Second, rates also drove a $3.7 billion decline in AOCI from derivatives, and that does not impact CET1. Additionally, service charges moved lower for two reasons. And next year, we said, at some point, we'll get back to the 1% to 2% rise. For complete information regarding our financials, see our SEC Filings. Let's turn to expense, and we'll use Slide 12 for the discussion. [Operator Instructions] Our first question today from Jim Mitchell with Seaport Global. This is quarterly, not annually, quarterly numbers. Given we just put up 1.3 billion in Q3 and that outperformance, and refreshing our expectation for Q4 at 1.25 billion, we're now seeing that aggregate quarterly improvement won't be the 2 billion we initially thought. So the current ratio of delinquencies have to be worse than 30% or more to even approach that five-year pre-pandemic average at a time of economic growth and falling unemployment. We increased unemployment in that scenario. It was awesome. From a return perspective, we produced a 15% ROTCE and a 90 basis point ROA. Switching to global markets on Slide 18. Much of the company's increased salary and wage moves in the quarter impact consumer banking the most. At this. | 4 december 2022 Your password must be at least 8 characters long and contain at least 1 number, 1 letter, and 1 special character. We delivered our fifth straight quarter of operating leverage. These materials are for informational purposes only. And each month, it starts to drop even more. We -- we accelerated $22 starting wage, which is $48,000 a year now. The effective tax rate for Q3 and Q4 likely a little bit higher than our original guide of 10 to 12. Bank of America has not been involved in the preparation of the content supplied at the unaffiliated sites and does not guarantee or assume any responsibility for its content. Sorry. Hi, Alister. We paid out $1.8 billion in common dividends. To see all exchange delays and terms of use please see Barchart's disclaimer. So we have limits across all the different categories. The commercial part, you're right to highlight. Very good. And so you should expect that buybacks will continue to increase. This drove the effective tax rate a little higher this quarter to more than 14%, still, obviously, benefiting from our ESG investment tax credits. Given the change noted for solar investments, we expect the fourth quarter tax rate to be similar to the third quarter tax rate. That was the case this quarter. You can see some of the legacy loans were able to sell in prior quarters. And that is extremely leverageable. And while still strong in September at 10%, spending growth has slowed just a bit by 12% year to date pace, which shows you that early in the year, a faster year-over-year growth rate. We did sell some loans. We added 100,000 new funded investment accounts in our Consumer business. Your line is open. But those are broadly speaking about the numbers I would use. Second, our corporate service charges declined as earned credit rates increased for clients and that overwhelmed organic growth in the gross fees associated with treasury management services performed for our clients. Those are going to pay us floating in the fourth quarter, and that's a contributor to the NII growth in the fourth quarter but I think we should assume a little bit third quarter, most all in the fourth quarter, and that's probably it. But most of that growth does come, as you're saying, into the compensation and it's ebbs and flows where it goes on a given -- when the markets are driving more investment banking markets and wealth management and those come down a little bit and the other compensation comes up as we've changed the base pay and things like I talked about. We've got a lot of flexibility at this point for whatever the endgame does come out with. And as Brian noted earlier, we're watching closely the early-stage card delinquencies as they begin to increase modestly. So I think, Mike, that's a lot of questions, but I'll try to sort out a little bit. So, look, we've got our assumptions in there to be competitive on deposit pricing in each of the various segments. Bank of America's CEO Discusses Q3 2013 Results - Earnings Call Transcript October 16, 2013, 9:51 AM Bank of America Corporation (BAC) Q3 2013 Earnings Conference Call October 16,. I think there's a lot of uncertainty around deposit behavior, betas, what the catch-up rate could be with deposit pricing. We had strong expense control, flat expenses for the third straight quarter, operating leverage for the fifth straight quarter and good work on that. Appreciate the color. On income tax expense, I just want to mention one thing that made our tax rate a little higher this quarter, and that is with the recent passage of the Inflation Reduction Act of 2022. And it turns out, if you get 35 million people banking in their pocket with a mobile phone, makes a big difference. Eighty percent of our customers are digitally active. We'll go next to Erika Najarian with UBS. The rest -- everything else is there's no real change. Got it. Bank of America Q3 2021 Earnings Call Transcript Thu., October 14, 2021 | AlphaStreet Listen to Conference Call View Latest SEC 10-K Filing Participants Corporate Executives Lee McEntire Senior Vice President, Investor Relations Brian Moynihan Chairman of the Board and Chief Executive Officer Paul Donofrio Chief Financial Officer Analysts Learn More, Bank of America(BAC -0.18%)Q32022 Earnings CallOct 17, 2022, 8:30 a.m. Okta Inc Celebrates Earnings Beat But Can They Sustain the Boost? And in commercial, certainly, we probably held up back just a touch. But can you kind of flip the script here and lean into certain businesses? Can you just walk us through the -- some of the deltas and the service charges line? Summary; Performance; Fundamentals; And looking at those loans and providing a bit more detail on a year-over-year basis, you can see 12% average growth as commercial loans grew 17% and consumer loans grew 7%. Turning to Slide 11 and net interest income. If you look at NPLs and reservable criticized, they both went down this quarter again. Transcript : SpareBank 1 Ostlandet, Q3 2022 Earnings Call, Oct 28, 2022: CI. ZIP XLS HTML . And the next year, we said, basically -- this year, they close the litigation. Or in our Wealth Management business, where we saw clients shift out of brokerage sweeps into preferred deposits or other investment products like treasuries that we offer. The only place we had to hold -- just be careful almost, loan production and the high-end businesses, i.e., GCIB. This quarter, we sold $1 billion of loans in consumer and wealth and maybe $1 billion in Global Banking. We'll support the organic growth a little bit towards a buffer and the use of rest to send back to you guys. That more than offset equities revenue that dropped 4% to $1.5 billion, below the $1.61 billion estimate. Just a couple of questions. All because they dont know where to invest. A month has gone by since the last earnings report for Bank of America (BAC Quick Quote BAC - Free Report) . Do you expect that to continue to be the case over the next year? Thank you. We've also managed our expenses very well. And if we adjust for the release of our summer interns, our headcount is actually up by closer to 5,500. You can see some of the legacy loans were able to sell in prior quarters. The company missed earnings which sent the stock down about 5% late Wednesday. Look, we're in a good position on capital even after the increased stress capital buffer results, which surprised our industry and our company, and we appealed that, as you well know, and didn't get relief, but we hope its looked at in the future. Thank you for joining the call to review our third quarter results. When you look at those Global Markets or investment banking results, they include anything we are doing in investment banking. We called it out last quarter because it was just bigger. What betas -- where do you expect betas to get to? Thank you, Brian. What betas -- where do you expect betas to get to? We expect adjusted earnings per share in the fourth quarter to be in the range of $4.20 to $4.30 versus adjusted EPS of $3.37 a year ago. But remember, the baseline is now baking in effectively a recession based on the Blue Chip. Year over year, that premium amortization has improved $1 billion. So obviously, as charges go up a fair amount of that goes back. But is it the second best of all time? We have leadership positions among all of the important products. And because of the scale of the business and the diverse revenue, we fully absorbed that revenue impact and are now more benefiting from the benefits of overall customer satisfaction, lower attrition in our client base and lower cost associated with fewer customer complaint calls associated with less nuisance fees. And so, you're not going to do anything like this afternoon to change the impact. Thanks for all that color. Looking forward, as it relates to NII guidance, I'd like to make a couple of comments. So, as a result, our third quarter tax expense is approximately 150 million higher due to the net reversal of tax credits accrued for 2022. Well, that's going to differ by customer base. So the results that you see in Global Markets and Investment Banking did include them last quarter. and that's what drives it. And you'll see -- if you look at our numbers, you'll also see the Global Markets, just the way that the customers are demanding balance sheet, the balance sheet is still growing, but the RWAs are a little bit lower. You know, you're not going to change your portfolio overnight. I don't think that's what Brian was referring to. Just the way our own ALM projected over the course of the next couple of years, we had some forward starting swaps. Operator: Good afternoon . US Bancorp (NYSE: USB). Webcast Registration . And I'll cover the NII improvement in just a moment. And then most of the RWA optimization plan that we've been doing is pretty quiet. It's increased to around 2.6 billion or more. Bank of America Corporation (NYSE:BAC.PK) Q3 2022 Earnings Conference Call October 17, 2022 8:30 AM ET, Alastair Borthwick - Chief Financial Officer. Get short term trading ideas from the MarketBeat Idea Engine. Third quarter expenses were $15.3 billion and were flat with the second quarter as litigation costs for our settlement in Q3 nearly offset the fines agreed to last quarter on a comparative basis. You'll also note on the bottom left, the continued growth in goods and services, particularly retail toward experiences of travel and entertainment. When you look at those global markets or investment banking results, they include anything we're doing in investment banking. Turning to the business segments, let's start with Consumer Banking on Slide 15. Thank you. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. So wondering how you think about that. And the FTE NII number was 13.9 billion. Provision expense was $898 million in the third quarter, and that was $375 million higher than the second quarter. I appreciate that. So as a result, our third quarter tax expense is approximately $150 million higher due to the net reversal of tax credits accrued for 2022 solar deals taken in the first half of 2022 that were recognized under initial investment tax credits at the time and we were placed with production tax credits. Well, thank you for all your questions and your attention. Additionally, service charges moved lower for two reasons. And there's only one point I want to make, looking at this slide and that is delinquencies because our consumer delinquencies remain well below pre-pandemic levels. Second, our corporate service charges declined as earned credit rates increased for clients, and that overwhelmed organic growth and the gross fees associated with treasury management services performed for our clients. Presentation. But I'm curious, youre a prime and super prime bank in consumer lend, you gave us enough details. That's -- we said it last quarter and I hope that proved it true there to what you asked about last quarter. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. This slower loan quarter growth included two notable impacts that Brian mentioned. And on the mortgages, it's probably seven to eight. We have provided an update in the appendix as to the credit transformation of the loan portfolio and a few other consumer credit slides that help illustrate the quality of our portfolio under years of responsible growth. But then, on top of that, we always working the book hard. Earnings were down year-over-year, driven in large part by the absence of a prior period reserve release. This occurred even as we fully reopened our financial centers and had our teammates also selling. And without that litigation cost, our expense would have been just below the $15 billion mark. Opinions or ideas expressed are not necessarily those of Bank of America nor do they reflect their views or endorsement. In the third quarter alone, we added more than 400,000 plus net new consumer checking accounts. Okay. Another chunk is -- another couple of hundred million dollars is technology. So -- well, there's a couple of things that are going on there. We delivered our fifth straight quarter of operating leverage. For example, in commercial banking, our strategic hiring over the years has just continued to increase our client and prospect calling efforts. Please go ahead. October 26, 2022 Packaging Corporation of America ( NYSE:PKG) Q3 2022 Earnings Call dated Oct. 25, 2022. DocuSign, Inc. (NASDAQ:NASDAQ:DOCU) Q3 2023 Earnings Conference Call December 08, 2022 04:30 PM ET Company Participants Heather Harwood - Head, Investor Relations Allan Thygesen - Chief. I'd like a little bit more detail on how you add employees and resources for the additional revenues. So we've got that in our forecast, we sort of resume the path that we've been on. I want to start by sending our thoughts to the impacted areas from the devastation of the recent storms, especially our impacted teammates and their families. On income tax expense, I just want to mention one thing that made our tax rate a little higher this quarter, and that is with the recent passage of the Inflation Reduction Act of 2022. And without that litigation cost, our expense would have been just below the $15 billion mark. We're putting more and more into relationship management. Our next question comes from Ken Usdin with Jefferies. Year over year now, average short-term interest rates have increased 200-plus basis points, driving up the interest earned on our variable rate assets, while we've maintained discipline on our deposit pricing. 80% of our GWIM customers are digitally active. Bank of America Corporation's (BAC) CEO Brian Moynihan on Q3 2021 Results - Earnings Call Transcript. Nothing Micro About Super Micro Computer's Price & Earnings Gains, Solid Earnings and Potential Growth Make Costco a Moderate Buy, Bulk Shippers See Earnings & Revenue Decline Amid Global Slowdown, S&P 500 Component DexCom Set For Further Price, Earnings Growth. Last year, profits were. I don't know if you could include in that thought what kind of maturity wall you're looking at on the commercial side of the book? It moves even higher than that next year, just to give you an idea, it's sort of in the mid 5s, just to give you a general sense. But yes, we believe we'll grow NII next year. The net interest yield was 2.06% and that improved 38 basis points from the third quarter of '21. We had strong expense control, flat expenses for the third straight quarter, operating leverage for the fifth straight quarter and good work on that. Assuming forward curve is realized? Operator: Ladies. My name is Nini Arshakuni and I'm Head of Investor Relations, and I'll. And that is with the recent passage of the Inflation Reduction Act of 2022. Is there a material benefit coming from those swaps in the fourth quarter and beyond, how we think about? Given the change noted for solar investments, we expect the fourth quarter tax rate to be similar to the third quarter tax rate and we'll examine the further effects of these changes and how they impact full year 2023 and report on that next quarter. And so, we can keep working on investing heavily to drive that. Net interest yield was 2.06, and that improved 38 basis points from the third quarter of '21. Yeah. And so -- but yes, through the core operational excellence, discipline this company has and has shown, as I said earlier, seven years later, we have the same number of people. Please go ahead. Hi. Yes. So, that's adding gross fees. Can you give us a sense as to what kind of pull-apart we should be thinking about for the model on the AOCI hits that you've had to take? I'm curious, you -- as your capital build was -- thanks to RWA mitigation, you mentioned no loss days in the quarter despite all this market volatility. This is one of the things you already have to be careful because obviously, when a person doesn't pay you the FICO is going down de facto. Clearly, that's not sustainable. Good morning, and thank you for joining us. We updated those slides again this quarter to show you them and you can find in the appendix, and I recommend them to you. Yes. The impact of strong year-over-year revenue growth of 12% was partially offset by an increase in provision expense. The consumer bank earned 3.1 billion on good organic growth and delivered its sixth consecutive quarter of operating leverage, while we continued heavy investments for the future. We delivered our fifth straight quarter of operating leverage. Glenn, look, we always say to ourselves and what our teammates is that responsible growth across the last decade plus leads us to where we are. I just wanted to ask a question about expenses. But I would like you to, if you can tie that into Slide 22, more digital users and sales Zelle, Erica, 1 billion interactions. So we're anticipating that we'll keep growing on the loan side. Even as we build our reserves for the future, this quarter, we saw many of our asset quality metrics continue to show modest improvement as NPLs and reservable criticized both declined from Q2, and you can see that in the supplement. This Also, just to give a sense, though, it's a 5% unemployment like now and then continues all the way through next year. Adjusting for the FX impact and loan sales, loan growth from Q2 was closer to the industry's growth rate. And, you know, they are very stable, important customer base, as all of our customer bases are. So, we -- we feel that we've got the right mix. Can Pfizer, Johnson & Johnson Continue Outperforming the Index? PDF . Just how much of that is embedded by now? Stock Market Sectors: What Are They and How Many Are There? Your line is open. So we built -- under responsible growth, we built a book on the consumer side that we knew would be durable through different modeled outcomes, which is what we do in the stress testing and what we do in a reserve setting process and stuff, but also to actual outcomes and what you're seeing is it's weathering any notion of issues in the economy well. So I'd say on the treasuries, generally speaking, you just think about the duration there being somewhere between four and five years. You can see here revenue of 24.5 billion grew 8% with an NII improving 24% year over year, while our fees declined 8%. I don't know if you could include in that thought what kind of maturity wall you're looking at on the commercial side of the book? This quarter, Bank of America reported $7.1 billion in net income, or $0.81 per diluted share. And it's nice to bring resolution to these matters. Even as we build our reserves for the future, this quarter, we saw many of our asset quality metrics continue to show modest improvement as NPLs and reservable criticized both declined from Q2, and you can see that in the supplement. As you can see, whether you look at early or late-stage card delinquencies, they all remain well below our pre-pandemic levels. And these are all related to total revenue per customer, profit per customer as opposed to any individual decision. PDF . We can see it as measured in the SNCs [Phonetic] and other things against a third party is very -- relatively have much to do than anything we have rated and we make sure we test that continuously with our credit review team under Christine Katziff and Geoff Greener's team because that, at the end of the day, make sure we're not fooling ourselves. This takes us back to our five-year run before the pandemic. Lastly, the recent Hurricane Ian impacted some areas where we have strong market shares for many of our businesses, and our teams have spent the past days assessing the damages and insurance coverage down to the loan level. So the securities portfolio runs off at about $15 billion a quarter. 09/11/2022 | 09:30 *: *: * Good day, and welcome, everyone, to the KBC Group Earnings Release Third Quarter 2022 Conference Call, hosted by Mr. Kurt De Baenst, Head of Investor Relations. I don't know if that has to be some of the leveraged loans working off book. So overall, we grew our deposits. So that's included. And so, right now, we're running in the low 15 per quarter, you know, 15.3. But for the full year, it should end up right around that 12% mark. And our teams have spent the past days assessing the damages and insurance coverage down to the loan level. We don't know how far back it is. Every business segment delivered operating leverage. So, I'd say on the treasuries, generally speaking, you just think about the duration there being somewhere between four and five years. Thank you. So I think, Mike, that's a lot of questions, but I'll try to sort out a little bit starting with the last. So, while many of our brokerage peers face declines in revenue and margin, we've seen year-over-year revenue growth of 2% and a margin of 29%, driving sixth straight quarter of operating leverage. 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