Bank Of America Saw This Happen With Their First Quarter Profits

Bank of America reported earnings on Tuesday for their first quarter and saw a big jump in profits. The bank reported $4.9 billion in Q1 profits, which came in at an increase of 40% from the same quarter last year. Revenue also came in 7% up from last year at $22 billion, way ahead of the $21.611 billion expected by Thomson Reuters analysts’ consensus. Total expenses however came in flat.

The bank’s EPS came in at 41 cents while the Thomson Reuters analysts’ consensus expected 35 cents. Net interest income was $11.1 billion versus $11.1 billion expected by StreetAccount analysts’ consensus. Fixed income trading revenue was $2.9 billion versus $2.62 billion expected by StreetAccount analysts’ consensus

Bank of America’s Net charge-offs were $934 million versus $964.2 million expected by StreetAccount analysts’ consensus
Bank of America CEO Brian Moynihan cited the stronger results in part to higher consumer spending and an improvement in investment banking fees.

“The U.S. economy continues to show consumer and business optimism, and our results reflect that,” Moynihan said in his statement.

It is now Moynihan’s eight year as chief executive.

Since the election last November, Bank of America’s share price has risen 34 percent.

Disclaimer: We have no position in Bank of America Corp. (NYSE: BAC) and have not been compensated for this article.