Brian Moynihan, chief executive officer of Bank of America Corp., during a Bloomberg Television interview in New York, US, on Tuesday, March 19, 2024.
Jeenah Moon | Bloomberg | Getty Images
Bank of America on Tuesday posted first-quarter results that topped analysts’ expectations for profit and revenue on stronger-than-expected net interest income and trading revenue.
Here’s what the company reported:
- Earnings: 90 cents a share vs. 82 cents per share LSEG estimate
- Revenue: $27.51 billion vs. $26.99 billion expected
The bank said profit climbed 11% to $7.4 billion, or 90 cents a share, as revenue rose 5.9% to $27.51 billion.
Those gains were fueled by net interest income, which is the difference in what a bank pays depositors and what it earns on loans and investments, that rose to $14.6 billion, exceeding the $14.56 billion StreetAccount estimate.
Bank of America shares have sold off in recent weeks on concern that President Donald Trump’s tariff policies could cause a recession.
The company’s stock has fallen more than 16% this year through Monday.
But, if it’s anything like its peers, Bank of America is likely to have benefited from a boost in trading revenue in the quarter, while consumer credit and wealth management held up in the period.
JPMorgan Chase, Morgan Stanley and Goldman Sachs each exceeded analysts’ estimates on a boom in equities trading revenue as banks took advantage of volatility in the quarter.
This story is developing. Please check back for updates.
