Bank of America is the latest of the Big Banks to report higher-than-expected Q1 revenue, a result of the market volatility triggered by President Trump’s tariff rollout in February and March.
The bank reported its total profits in Q1 reached $7.4 billion, an 11% increase from its first quarter 2024.
Company CEO, Brian Moynihan informed investors, “We had a good first quarter, with earnings per share of $0.90 up from $0.76 last year. This reflected growth in net interest income and fee income, while sales and trading delivered its 12th consecutive quarter of year-over-year revenue growth. Our business clients have been performing well; and consumers have shown resilience, continuing to spend and maintaining healthy credit quality.”
Moving forward, Moynihan says, “Though we potentially face a changing economy in the future, we believe the disciplined investments we have made for high-quality growth, our diverse set of businesses, and the team’s relentless focus on Responsible Growth will remain a source of strength.”
CFO, Alastair Borthwick reported, “We grew average deposits for the seventh consecutive quarter to nearly $2 trillion. Asset quality remained stable reflecting years of responsible lending, while our strong capital and liquidity levels allowed us to support our clients’ growth and return $6.5 billion to shareholders. We run our business in a manner intended to withstand volatility for the long-term. And through our capabilities, relationships and financial flexibility, we believe we are well-positioned to continue delivering for our clients and shareholders.”
Today, the firm’s shares are rising in premarket trading.
By CEO NA Editorial Staff
