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Financial News: BofA: Net interest income 'to the sky'

Financial News:

BofA: Net interest income 'to the sky'

Banking Woman

The Federal Reserve's newest bank loan data supports Bank of America Securities' "NII [net interest income] to the sky" slogan for U.S. banks, says Mike Mayo.

Total loan increase in Q4 was 2%, excluding PPP loans, due to consumer, real estate, and better-than-expected core commercial loans, he added.

Banks such as Bank of America (NYSE:BAC), PNC Financial (NYSE:PNC), Truist Financial (NYSE:TFC), and U.S. Bancorp (NYSE:USB), as well as regional banks and others, could benefit from this, the stock analyst noted.

"Conclusion: When profits are published later this week and next week, we expect improved loan growth expectations," Mayo says.

Photo: Photo 214017296 / Banking Woman © Aaron Amat | Dreamstime.com

BAC

Bank Of America Corp
Wed, Jun 29, 22 7:00 PM UTC
Price: $31.89
Volume 433154
Tue, Jun 28, 22 (EOD)
Price: $32.26
Volume 49700463

Related:

    BAC

    Bank Of America Corp
    Wed, Jun 29, 22 7:00 PM UTC
    Price: $31.89
    Volume 433154
    Tue, Jun 28, 22 (EOD)
    Price: $32.26
    Volume 49700463

    Content ID: 1641909810 Created Tuesday, January 11, 2022 2:03 PM UTC by Aaron Stipkovich, Updated Tuesday, January 11, 2022 2:16 PM UTC by Aaron Stipkovich.