The Strategist

Bank of America's net profit declines in Q1

04/19/2022 - 05:36

Net income of the U.S. banking giant Bank of America Corp. (BofA), which is attributable to shareholders, fell 12.7 percent in the first quarter compared with the same period last year to $6.6 billion, the bank said in a statement.

Tony Webster
Tony Webster
Diluted earnings per share for the period were $0.8 compared with $0.86 in the first quarter a year ago. Revenue net of interest expense was $23.228 billion, up 1.7 percent from a year ago.

Analysts had expected earnings per share of $0.75 and revenue of $23.18 billion.

Net interest income for the quarter, meanwhile, rose 13.5% year over year to $11.572 billion.

In premarket trading, shares of Bank of America are up 0.88% after the report.

"First-quarter results were good despite the volatility," commented Alastair Borthwick, the bank's chief financial officer.