Shares of Financial institution of America (BAC) reported earnings and income outcomes for the fiscal Q1 2024 earnings that exceeded Wall Avenue estimates.
The financial institution shares fell barely by 0.6% in premarket buying and selling Tuesday.
BofA reported quarterly earnings per share (EPS) of $0.83, beating the consensus projection of $0.76. The financial institution’s income for the quarter reached $25.8 billion, surpassing the consensus forecast of $25.49 billion.
The buying and selling income, excluding Debt Valuation Adjustment (DVA), totaled $5.18 billion, additionally above the estimated $5.02 billion. Additional, the wealth and funding administration phase reported income of $5.59 billion, increased than the $5.34 billion anticipated by analysts.
The financial institution’s standardized Frequent Fairness Tier 1 (CET1) ratio stood agency at 11.8%, assembly the estimated determine.
“We reported a powerful quarter as our companies carried out effectively, including shoppers and deepening relationships. We reached 36.9 million shopper checking accounts, with 21 consecutive quarters of internet checking account progress,” mentioned Financial institution of America’s Chair and CEO Brian Moynihan.
“Our Wealth Administration workforce generated document income, with document shopper balances, and funding banking rebounded. Financial institution of America’s gross sales and buying and selling companies continued their robust 2023 momentum this quarter, reporting the perfect first quarter in over a decade.”
