Bank of America’s interest income rose 9% to $15.9 billion on higher loan and deposit balances|Mike Mozart|CC BY 2.0
Bank of America reported a solid quarter, with net income rising 17% to $8.6 billion, or $1.11 per share.
Revenue increased 7.2% to $30.43 billion, driven by higher net interest income, trading gains, and investment banking fees.
Equities trading surged 30% to $2.83 billion, marking the bank’s best trading quarter in 15 years amid volatile markets. Investment banking revenue climbed 21% to $1.8 billion, beating expectations.
Net interest income rose 9% to $15.9 billion on higher loan and deposit balances.
CEO Brian Moynihan told CNBC that US consumers and companies are spending well, and credit quality is good and improving.
The bank raised its full-year net interest income growth outlook to 6%–8%, reflecting strong first-quarter performance.