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.

JPM has Strong Quarter JPMorgan Chase [JPM] had a strong quarter with raised expectations for their FY2023 net interest income [NII] and growth in deposits and loans. Their asset and wealth management unit also saw growth in assets under management [AUM] with long-term net inflows. The bank's standardized CET1 ratio and SLR also increased, indicating a stronger capital position. However, there was a reserve build due to a potential moderate recession driven by a deteriorating economic outlook. Overall, JPM had a beat across the board and outperformed its competitors.