Bank of America Chairman and CEO Brian Thomas Moynihan testifies during a Wall Street Oversight hearing by the Senate Banking, Housing, and Urban Affairs Committee on Capitol Hill in Washington, DC, December 6, 2023 .
Saul Loeb | AFP | Getty Images
Bank of America On Tuesday, the group reported first-quarter results that beat analysts’ estimates for profit and revenue, thanks to better-than-expected interest income and investment banking business.
Here’s what the company reported:
- Profit: 83 cents per share adjusted, compared to 76 cents estimated by LSEG
- Revenue: $25.98 billion, versus $25.46 billion expected
The bank said its profit fell 18 percent, to $6.67 billion, or 76 cents per share; Excluding a $700 million valuation from the FDIC, earnings were 83 cents per share. Revenue fell 1.6% to $25.98 billion as net interest income declined from a year earlier.
This is one of the key questions after JPMorgan Chase, Citi Group And Goldman Sachs all beat estimates with help from trading and investment banks.
Bank of America Chief Financial Officer Alastair Borthwick told analysts last month that he expected investment banking revenues to rise 10% to 15% from a year earlier and that commercial results are more or less stable.
Analysts will also focus on the bank’s net interest income, which has declined in recent quarters as funding costs have risen alongside rising interest rates.
This story is developing. Please check again for updates.
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