Bank of America tops estimates on better-than-expected interest income, investment banking

on Tuesday reported first-quarter earnings that topped analysts' estimates for profit and revenue on better-than-expected interest income and investment banking.Earnings: 83 cents a share adjusted, vs. 76 cents expected, according to LSEGThe bank said profit fell 18% to $6.67 billion, or 76 cents a share; excluding a $700 million FDIC assessment, profit was 83 cents a share. Revenue slipped 1.6% to $25.98 billion as net interest income declined from a year earlier.

Net interest income, or the difference between what the company earns from loans and investments and what it pays customers for their deposits, was $14.19 billion, topping the $13.93 billion StreetAccount estimate. Analysts will likely question Bank of America management for guidance on its NII, which has been declining in recent quarters as funding costs have climbed along with the rise in interest rates.Investment banking revenue jumped 35% to $1.57 billion, exceeding the $1.36 billion estimate and following a similar rise at rivals including

It's also considerably higher than the guidance given by Bank of America CFO Alastair Borthwick, who told analysts last month to expect investment banking revenue to rise by 10% to 15% from a year earlier. The bank's trading operations also edged out expectations. Fixed income revenue fell 3.6% to $3.31 billion, slightly beating the $3.24 billion estimate, and equities revenue rose 15% to $1.87 billion, compared with the $1.84 billion estimate.

Source: News Formal (newsformal.com)

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

TxDOT closing some lanes of I-35 Tuesday on NE Side Tuesday for construction workThe two left lanes of the north and southbound main lanes of Interstate 35 from Walzem Road to Weidner Road will be closed until 3 p.m. on Tuesday. Crews are installing new lighting on that section of the interstate.
Source: ksatnews - 🏆 442. / 53 Read more »

Goldman Sachs now expects the Bank of Japan to hike rates TuesdayGoldman Sachs expects the BOJ to raise interest rates at its March meeting ending Tuesday, bringing forward its previous forecast for an April decision.
Source: NBCDFW - 🏆 288. / 63 Read more »

Mixed Asia-Pacific markets await central bank decisions and inflation numbersAsia-Pacific markets are mixed as investors await central bank decisions and inflation numbers from the U.S. and China. The Bank of Korea, the Reserve Bank of New Zealand, the Bank of Thailand, and the central bank of the Philippines have monetary policy meetings scheduled this week. The Bank of Korea may consider lowering rates. U.S. and China inflation numbers will also be in focus. China Construction Bank (Asia) faces a liquidation lawsuit.
Source: NBCLA - 🏆 319. / 59 Read more »

Thousands step off in annual Bank of America Shamrock Shuffle in ChicagoThousands of runners turned Chicago streets into a sea of green Sunday in the annual Bank of America Shamrock Shuffle.
Source: nbcchicago - 🏆 545. / 51 Read more »

See the 2024 Bank of America Shamrock Shuffle finisher medalAs runners crossed the finish line at the 2024 Bank of America Shamrock Shuffle, they didn't receive a pot o' gold, but they did receive a special award.
Source: nbcchicago - 🏆 545. / 51 Read more »

Here are the winners of the 2024 Bank of America Shamrock ShuffleThe winners of the 2024 Bank of America Shamrock Shuffle 8K crossed the finish line Sunday, leading thousands of racers in the unofficial kickoff to outdoor…
Source: nbcchicago - 🏆 545. / 51 Read more »