The Green Bay, Wis., company's CEO predicted “mid-single-digit” annual loan growth after a third quarter that included a 10% increase in deposits and 4% rise in average loans.
Total loans fell 1.6% at the North Carolina-based regional bank, which has been scaling back in key segments such as residential mortgages and auto. Wider margins offset that reduction, but earnings were flat and revenue growth small.
Strong gains in net interest income offset a decline in fee income, but a recent settlement with the federal government over alleged misconduct at its Wilmington Trust unit weighed on the Buffalo company's overall results.
Net interest margin widened 12 basis points, too. Those lending results offset a decline in fee income at the Minneapolis company, which saw earnings rise 4%.
The Tennessee company reported 6% growth in loans, which included strong C&I and CRE grains. However, revenue shrank thanks partly to a steep falloff in fixed-income fees.
Total revenue rose less than 1% to $21.8 billion, but expenses declined 2.5% to $13.1 billion. That computed to the highest profit at Bank of America in six years.
An increase in corporate loans, the highest lending margin in 4 1/2 years and record profit in asset management helped the lender top analysts’ estimates and offset trading and other challenges.
Profits rose 20% at the Texas bank, but net interest margin growth last quarter, and the bank’s margin outlook for the rest of this year, disappointed analysts and investors.
