TZ signs global roll-out deal with BofA

NEW YORK: TZ's (TZL) U.S. Subsidiary Telezygology, has signed a 3-year contract with Bank of America for a global roll-out of Smart Lockers. TZ is a technology company and is the leader in smart devices. It creates smart locking devices with remote software control.

The systems deliver asset level protection and compelling solutions for security, monitoring and control applications. Its Smart Lockers will potentially be across 54 locations, with 32 in Asia and Europe and the remaining American based.

The contract between the companies will be finalised with JLL/CBRE on behalf of Bank of America.

TZ says this contract is to be material in value to its U.S business and expects to be in a position to advise on the estimated value of the contract, following the finalisation of the contract and deployment planning.

TZ says this agreement is the first of its kind for the company.

"With a global corporation awarding business to one Smart Locker provider for multiple international site deployment, this supports TZ’s corporate strategy and the basis of growth projections for the company," it stated.

Net income of $7bn in the final three months of 2019 fell 4 per cent year-on-year but topped analyst estimates of $6.3bn, the US bank said on Wednesday. Chief executive Brian Moynihan said in a statement that the performance reflected “a steadily growing economy marked by solid client activity”. He added: “We enter 2020 with momentum.”

The results continue the trend seen in other bank results reporting this week: profitability holding up in the face of three Federal Reserve interest rate cuts in late 2019, supported by volume growth and strong trading activity.

BofA’s revenue of $22.3bn, in line with 2018’s fourth quarter, was slightly behind analyst expectations, but lending margins that fell less than expected translated into earnings per share of 74 cents. This compared favourably with Wall Street projections of 69 cents, and EPS of 70 cents a year ago. The growth in earnings per share was driven entirely by share repurchases.

Profits were also boosted by a strong quarter in securities trading, although BofA’s results were outshone by rivals. Fixed-income trading revenues rose 25 per cent, against increases of 49 per cent at Citigroup, 63 per cent at Goldman Sachs and 86 per cent at JPMorgan Chase. BofA’s equities trading revenue was up 4 per cent, while investment banking revenue grew 9 per cent, slightly better than peers.