Bank of America beats, posting record quarter with $7.3 billion in profits

Drew Angerer/Getty ImagesBank of America reported first-quarter earnings of $US7.3 billion — a record for the bank.

Bank of America announced first-quarter earnings results Tuesday morning, reporting record quarterly profits of $US7.3 billion.

The bank brought in earnings per share of $US0.70, beating analyst expectations of $US0.66 a share.

Here are the rest of the numbers:

  • Revenue: $US23 billion, down slightly from last year.
  • Net income: $US7.3 billion, up 6% from $US6.9 billion last year.
  • Global markets: Net income of $US1 billion, down 26%. Trading revenue dropped 13% to $US3.6 billion, excluding adjustments. Equities fell 22% to $US1.2 billion, and FICC fell 8% to $US2.4 billion.
  • Consumer banking: Net income of $US3.2 billion, up 25%.
  • Global Wealth and Investment Management: Net income of $US1 billion, up 14%.
  • Global banking: Net income of $US2 billion, up 2%.

“Our diverse business mix and commitment to responsible growth drove record quarterly earnings,” CEO Brian Moynihan said. “Economic growth and consumer activity in the US continue to be solid, businesses of every size are borrowing and driving the economy, and asset quality is strong.”

Bank of America is the fifth major bank to report earnings this quarter. JPMorgan Chase, Goldman Sachs, and Citigroup posted solid results while the drama-plagued Wells Fargo provided subdued guidance.

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