Bank of America just reporting its quarterly results. Leslie Picker joins us with the numbers. Leslie, Hey, Melissa. Yeah, she’s moving a little lower on these numbers. Bank of America beating on the top line, generating $26 billion in revenue on a fully taxable equivalent basis, so surpassing estimates by half a billion dollars. Interest income, a profitability metric from loan making, came in at 14.2 billion a quarter over quarter gain but flat from Q123. Higher for longer rates could help bolster Nii further this year. Hopefully we’ll get more color and guidance on the conference call, but it also creates a drag on the balance sheet. With the banks unrealized losses back above $100 billion in the quarter at 109 billion, executives have said they don’t intend to ever realize those losses. Net charge offs that’s debt unlikely to be recovered by the bank came in slightly higher than expected at 1 1/2 billion dollars, driven by credit cards as well as a little bit of commercial real estate. Investment banking a bright spot in the quarter here, up a whopping 35% year over year to $1.6 billion in revenue. Markets also higher as gains in equities help to offset declines in fixed income, currencies and commodities trading. Wealth management generated 5.6 billion in revenue. It was an all time quarterly record, the bank said, Bank of America reporting $0.83 per share adjusted to exclude the $700 million special assessment from the FDIC. That’s a cost that comes in addition to the levy from last quarter as the insurance fund increased the amount the banking system owes to cover some of the bank system failures last year. We’re not yet comparing those to analyst estimates skies because of one time items some analysts include, some don’t include. So we’re just telling you the number so you have it.
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