- Bank of America (NYSE:BAC) beat expectations with first-quarter earnings results of $0.70 per share and record profits of $7.3 billion.
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Bank of America announced first-quarter earnings results Tuesday morning, reporting record quarterly profits of $7.3 billion.
The bank brought in earnings per share of $0.70, beating analyst expectations of $0.66 per share.
Here are the rest of the numbers:
- Revenue: $23 billion, down slightly from last year.
- Net income: $7.3 billion, up 6% from $6.9 billion last year.
- Global markets: Net income of $1 billion, down 26%. Trading revenues dropped 13% to $3.6 billion, excluding adjustments. Equities fell 22% to $1.2 billion and FICC fell 8% to $2.4 billion.
- Consumer banking: Net income of $3.2 billion, up 25%.
- Global Wealth and Investment Management: Net income of $1 billion, up 14%.
- Global banking: Net income of $2 billion, up 2%.
Bank of America is the fifth major bank to report earnings this quarter. JPMorgan Chase (NYSE:JPM), Goldman Sachs (NYSE:GS), and Citigroup (NYSE:C) posted solid results while drama-plagued Wells Fargo (NYSE:WFC) provided subdued guidance.