In this articleBACFollow your favorite stocksCREATE FREE ACCOUNTBrian Moynihan, chief executive officer of Bank of America Corp., during a Bloomberg Television interview in New York, US, on Tuesday, March 19, 2024. Jeenah Moon | Bloomberg | Getty ImagesBank of America on Tuesday posted first-quarter results that topped analysts’ expectations for profit and revenue on stronger-than-expected net interest income and trading revenue.Here’s what the company reported:Earnings: 90 cents a share vs. 82 cents per share LSEG estimateRevenue: $27.51 billion vs. $26.99 billion expectedThe bank said profit climbed 11% to $7.4 billion, or 90 cents a share, as revenue rose 5.9% to $27.51 billion.Those gains were fueled by net interest income, which is the difference in what a bank pays depositors and what it earns on loans and investments, that rose to $14.6 billion in the quarter, exceeding the $14.56 billion StreetAccount estimate.Bank of America said that its NII benefited from lower deposit costs and higher-yielding investments compared with the year-earlier period. “Our business clients have been performing well; and consumers have shown resilience, continuing to spend and maintaining healthy credit quality,” CEO Brian Moynihan said in the release. “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.”Shares of the firm rose 2.2% in premarket trading. The bank said that equities trading revenue rose 17% to $2.2 billion, which slightly topped the $2.12 billion estimate, and fixed income revenue rose 5% to $3.5 billion, compared to the $3.46 billion estimate.Investment banking fees slipped 3% to $1.5 billion, missing the $1.6 billion estimate, amid the industrywide slowdown caused by trade uncertainty.The firm’s provision for loan losses, another key metric watched by investors as banks plan for a possible recession later this year, came in better than expected at $1.5 billion, compared with the $1.58 billion estimate. Bank of America shares have sold off in recent weeks on concern that President Donald Trump’s tariff policies could cause a recession.The company’s stock has fallen more than 16% this year through Monday.JPMorgan Chase, Morgan Stanley and Goldman Sachs each exceeded analysts’ estimates on a boom in equities trading revenue as banks took advantage of volatility in the quarter. …
