Bank of America (NYSE: BAC) reported Monday better-than-expected results for the first quarter of the year, driven by strong loans growth and lower taxes.
The bank’s earnings came in at 62 cents per share vs. 59 cents expected by Thomson Reuters, on revenue of $23.1 billion (compared to $23.059 billion forecast).
Net interest income registered at $11.6 billion vs. $11.69 billion forecast by StreetAccount. Fixed income trading revenue hiked $2.5 billion vs. 2.92 billion forecast.
Bank of America said the average balances in its different business segments grew by 5% on a year-over-year basis to $864 billion.
"Our responsible growth model continues to deliver consistent results," CEO Brian Moynihan said in a statement. "Strong client activity, coupled with a growing global economy and solid U.S. consumer activity, led to record quarterly earnings."
Bank of America also said revenue for its consumer banking business climbed 9% to $864 billion.
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services.
BAC also provides unmatched convenience in the United States, serving approximately 47 million consumer and small business relationships with approximately 4,400 retail financial centers
Bank of America shares are up about 1% for the year, outperforming rival Citigroup, which is down 4.6% in 2018. Its shares picked up 24 cents Monday to $30.04, within a 52-week range of $22.07 to $33.05.
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