Bank of America Q3 results: Both equities and FICC missed estimates

Bank of America reported third-quarter trading revenue of $5.05 billion, excluding deferred revenue, which fell short of the $5.41 billion estimate. Both FICC and equities divisions contributed to the miss, with FICC revenue at $2.55 billion against a $2.86 billion forecast and equities revenue at $2.51 billion against a $2.63 billion forecast.

The bank's total revenue came in at $29.96 billion, missing the $30.76 billion estimate. Earnings per share were reported at $1.08, compared to the $1.10 estimate. Wealth and investment management total revenue exceeded expectations, reaching $7.12 billion against a $7.06 billion estimate.

Net interest income on a fully taxable equivalent basis was $16.61 billion, while the net interest yield of 2.16 percent surpassed the 2.11 percent estimate. Provision for credit losses was $1.27 billion, lower than the $1.49 billion estimate, and net charge-offs totaled $1.35 billion, under the $1.44 billion forecast. Compensation expenses were $10.97 billion, slightly below the $11.08 billion estimate.