We can add Bank of America Corp (NYSE:BAC) to the list of financial giants that had a stellar first quarter. BoA is the latest of the big banks to report earnings that were better than expectations, and the investment powerhouse pointed to two specific developments that helped push it over the top in Q1.
Marketwatch has the details on a solid quarter for Bank of America.
Bank of America Corp. said Monday that a boost from the U.S. tax law and continued rising interest rates helped push first-quarter profit higher, extending the string of better-than-expected results from the nation’s biggest banks.
Quarterly profit at the Charlotte, N.C.-based bank was $6.92 billion, compared with $5.34 billion a year ago. Per-share earnings were 62 cents; analysts had expected 59 cents per share.
Revenues for the quarter also checked in higher than estimates at $23.13 billion, well ahead of last year’s $22.25 billion. In a release touting the results, Chairman and Chief Executive Brian Moynihan offered up some insight into why the bank performed so well for the quarter.
“Strong client activity, coupled with a growing global economy and solid U.S. consumer activity, led to record quarterly earnings,” Moynihan said in part.
Bank of America Corp shares rose $0.25 (+0.84%) in premarket trading Monday. Year-to-date, BAC has gained 1.80%, versus a 0.51% rise in the benchmark S&P 500 index during the same period.