BofA Steady Results

Bank of America [BofA] reported steady financial results with average loans flat QoQ and NII above estimates. Sales & Trading was up YoY, driven by FICC, while Equities was down YoY. Combined spending was up YoY, and risk-adjusted margin decreased QoQ. CET1 increased QoQ, and BofA remained above their required minimum. Deposit growth had an average balance down YoY. The HTM book improved but remained in a loss position. BofA beat estimates on higher fees and had a lower loss provision. However, deposits were down, and investors were likely not satisfied with BofA's performance on the deposit front.