economy
Bank of America tops estimates as CEO Brian Moynihan says consumer banking is 'healthy'
Bank of America, the second-largest U.S. bank by assets, has topped expectations for earnings per share for 23 consecutive quarters.
TL;DR
- Bank of America exceeded earnings per share and revenue estimates for the first quarter.
- Equities trading revenue surged by 30% to $2.83 billion, contributing significantly to the bank's best trading quarter in 15 years.
- Net interest income increased by 9% to $15.9 billion, and the bank raised its full-year guidance for this metric.
- Provision for credit losses was lower than anticipated, indicating improving credit quality.
- Consumer banking and global wealth divisions saw net income gains exceeding 20%.
- Fixed income revenue fell short of expectations.