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バンクオブアメリカ(BAC)2019Q1決算 売り上げをミス


・発表日 2019/4/16 プレマーケット
・売上 $23B -0.4% コンセンサス予想より-$240M
GAAP EPS $0.70 +12.9% コンセンサス予想より+$0.04
GAAP net income $7.3B
・Return on average assets 11.42% (2018Q1は10.85%)
・Net interest income $12.4B +5%
・Noninterest income $10.6B -6%

・決算発表後の株価 終値+0.13%
・2019FYコンセンサス予想PER 29.88/2.85=10.48
・2020FYコンセンサス予想PER 29.88/3.17=9.42


When you think of our company, the three broad and diverse buckets of revenue, two which has annuity like characteristics, and one is more susceptible to prevailing market conditions. The first bucket to spread revenue from loans and deposits, and the second bucket is recurring fees, like our cash management fees in our commercial business or consumer account fees or interchange and things like that.

The third bucket of revenue, which are more market related would be the sales and trading revenue, the investment banking fees and asset management brokerage revenue, which are both dependent on market levels at a given moment and market activity given rise to those levels.

So if you think about this quarter versus last year, our market related types of revenue was down 12%. The other two non-market related revenue sources were up 7%, that shows you the diversity in this company and all-in that ended up with flat revenue growth.

Bank of America Corporation (BAC) CEO Brian Moynihan on Q1 2019 Results - Earnings Call Transcript | Seeking Alpha

「Global Markets」の不調の理由は以下になります。

FICC (fixed income, currencies and commodities) revenue of $2.4 billion decreased 8% primarily due to lower client activity across most businesses
Equities revenue of $1.2 billion decreased 22% from a record year-ago quarter that benefited from higher client volumes and a strong performance in derivatives on elevated market volatility



セグメントは「Consumer Banking(消費者、中小企業)」「Global Wealth and Investment Management(富裕層)」「Global Banking(大企業)」「Global Markets(機関投資家)」です。

Average deposit balances $1.4T +5%

Average loans and leases $897B +4%

Net charge-offs $991M +8.7%

Provision for credit losses $1.01B +21.4%

「Consumer Banking」 売上 $9.6B +7% 利益 $3.2B +25%

Average deposits $696.9B +3%

Average loans and leases $292.3B +4.5%

「Global Wealth and Investment Management」 売上 $4.82B +1% 利益 $1B +14%

Total client balances $2.8T +4%

「Global Banking」 売上 $5.2B +3% 利益 $2B +2%

Average deposits $349B +8%

Average loans and leases $370B +5%

「Global Markets」 売上 $4.2B -13% 利益 $1B -26% 



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