Bullish Investors Pile Into Emerging Market Stocks, Says Bank Of America Survey
Before I move the call to Paul to review the fourth quarter, I wish to hit a couple of factors. First, I need to provide some temporary commentary on 2020 for the total year, then discuss what we see in the financial system as we enter 2021. Good day, everybody, and welcome to at present’s Bank of America fourth-quarter earnings bulletins conference name. At this time, all members are on a pay attention-solely mode. Later you will have the opportunity to ask questions through the question-and-reply session. Please notice, right now’s call is being recorded and it is now my pleasure to turn the convention over to Lee McEntire.
It bore the brunt of income disruption from interest rates, buyer exercise, and charge waivers, reserve building impacted provision expense and bills elevated for PPP packages and safety of associates and prospects. In Q4 compared to Q3, income, bills, and provision all improved. Let me give you a snapshot of what we see in our customer information that supports a few of our views for growth. On Slide 5, excuse me, Slide three, you possibly can see the consumer payments.
Bofa Securities, Inc
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When we think about shopper spending, we take into consideration all the ways customers take money and consume and spend it to do issues. This is outside of just debit and credit score spending habits, which tend to get all the dialogue because they’re straightforward to track, quite frankly. As a few of those funds have been depleted and ran off and the volumes in reality grew again to the high — regular ranges, we noticed a slowdown within the — within the fee of the recovery.
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And so, when that comes down over time, you may — you’ll see the reserve releases come away from that. The second thing is, as the length of the remainder of the disaster comes in, with more certainty, i.e. extra folks vaccinated, you will also see the lifetime calculation embody the other facet of the river to larger — bigger portion, and so that may drive it. But it’s what offers you the arrogance of the place the path is. But most significantly, as you consider real reserve setting and lifetime reserves, is that the — the economic assumptions are clarifying and the tip of the COVID era is clarifying with the vaccine. And as we see that, you may see the uncertainty come down pretty shortly on the other side of that, when that exhibits up in our assumption.
So you noticed this morning to be ending that in a separate press release that our board has accredited share repurchase in the first quarter of as much as $3.2 billion, including shares issued to employees. This is along with maintaining our quarterly dividend of $0.18 per quarter, and that accounts for the return of one other $1.6 billion of capital. This is the utmost allowed on the Fed’s tips established for first — the first quarter .