Bank Of America Q1 Net Profit Rises - Update
(RTTNews) - Bank of America Corp. (BAC) reported Wednesday that net income applicable to common shareholders for the first quarter grew to $8.16 billion or $1.11 per share from $6.96 billion or $0.89 per share in the prior-year quarter.
The provision for credit losses was $1.34 billion, compared to $1.48 billion last year.
Total revenue, net of interest expense, increased 7 percent to $30.27 billion from $28.25 billion in the prior-year quarter, driven by higher net interest income, sales and trading revenue, asset management fees and investment banking fees.
Net interest income was $15.75 billion, up 9 percent from last year, driven by higher NII related to Global Markets activity, higher deposit and loan balances, and fixed-rate asset pricing, partially offset by the impact of lower interest rates.
Non-interest income grew to $14.53 billion from $13.80 billion last year.
Noninterest expense increased 4 percent to $18.53 billion from last year.
In Wednesday's pre-market trading, BAC is trading on the NYSE at $53.92, up $0.57 or 1.07 percent.
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