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.”
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