leadf
logo-loader
viewBank of America

Bank of America posts better-than-expected jump in quarterly earnings

Bank of America's first quarter profits were supported by loan growth and investment banking fees

Bank of America
Bank of America has seen the pace of loan growth ease after the Fed hiked interest rates

Bank of America Corp. (NYSE:BAC) has delivered a better-than-expected jump in first quarter earnings, bolstered by record mergers and acquisitions.

Net income for the first three months of the year gained 44% to US$4.35bn while earnings per share was up 46% to 41 cents, compared to analysts’ estimates of 35 cents.  

Revenue gained about 7% to US$22.45bn, beating market forecasts of US$21.61bn, as the company achieved its best-ever M&A and investment banking fees.

BofA was also supported by an increase in loans but the pace of growth eased as the Federal Reserve hiked interest rates in March and December.

The bank’s earnings come after JPMorgan Chase & Co (NYSE:JPM) and Citigroup Inc (NYSE:C) reported quarterly results last week with a sharp rise in profits that exceeded forecasts. Goldman Sachs Group Inc (NYSE:GS) posted an 80% surge in profit today but fell short of expectations.

READ: Goldman Sachs shares slide as trading business takes a hit

Shares in BofA dipped 0.70% to US$22.65 in early US trading. 

Quick facts: Bank of America

Price: 23.85 USD

NYSE:BAC
Market: NYSE
Market Cap: $206.58 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Altamira Gold Corp releases positive channel results as the project moves...

Altamira Gold (CVE: ALTA-OTC: EQTRF) CEO Michael Bennett joined Steve Darling from Proactive to share details about the recent work at their at the Cajueiro gold project in Brazil. That trenching work has identified several new mineralized structures. Bennett shared details about that work...

7 hours, 55 minutes ago

Result of AGM

on 04/25/2019

1st Quarter Results

on 04/16/2019

AGM Statement

on 03/14/2019

Annual Financial Report

on 02/27/2019

2 min read