© Reuters Bank of America (BAC) tops Q1 estimates, says ‘every business segment performed well’
By Senad Karaahmetovic
Bank of America (NYSE:) shares are moving higher in premarket Tuesday after the banking giant reported stronger-than-expected results for the first quarter.
BAC a Q1 EPS of $0.94, beating the analyst estimate of $0.81. Revenue for the quarter came in at $26.3 billion versus the consensus estimate of $25.25B.
“Every business segment performed well as we grew client relationships and accounts organically and at a strong pace… Our results demonstrate how our company’s decade-long commitment to responsible growth helped to provide stability in changing economic environments,” said Bank of America CEO Brian Moynihan.
BAC posted a 13% year-over-year revenue growth while net interest income (NII) rose 25% to $14.58B. Trading revenue delivered a strong beat as it was reported at $5.05B while analysts were expecting $4.46B.
Return on average equity was 12.5% while Standardized CET1 ratio came in at 11.4%, both ahead of market views.
Bank of America also said its consumer banking average deposits fell 3%.
BAC stock is up 1.8% in pre-open Tuesday.