24 x 7 World News

Bank of America BAC earnings Q1 2023

0

Brian Moynihan, CEO of Bank of America, speaking on Squawk Box at the WEF in Davos, Switzerland on Jan. 17th, 2023. 

Adam Galica | CNBC

Bank of America on Tuesday reported first-quarter earnings and revenue that topped expectations on the back of higher interest rates.

Here’s what the bank did compared to Wall Street estimates according to Refinitiv:

  • Earnings: 94 cents per share versus 82 cents per share expected
  • Revenue: $26.39 billion versus $25.13 billion expected

The bank stock rose more than 2% in premarket trading following the results.

Bank of America said its net interest income jumped 25% to $14.4 billion during the quarter, driven by benefits from rising rates and loan growth.

“Every business segment performed well as we grew client relationships and accounts organically and at a strong pace,” CEO Brian Moynihan said in a statement. “Our results demonstrate how our company’s decade-long commitment to responsible growth helped to provide stability in changing economic environments.”

This is breaking news. Please check back for updates.

Leave a Reply