While Bank of America Corp’s net income applicable to shareholders have risen in comparison to the previous year, they are however lower than analysts’ average expectations. Revenues, net of interest expense, were also lackluster.
On Tuesday, Bank of America Corp reported a 6% rise in its quarterly profits, as its growing loan book and cost cuts have boosted its revenues from its investment banking unit.
Net income applicable to common shareholders have risen to $6.87 billion, equivalent to 70 cents per share, in the first quarter ended March 31; this is up from $6.49 billion, equivalent to 62 cents per share, a year earlier.
According to IBES data from Refinitiv, analysts were expecting an earning of 66 cents per share, according to IBES data from Refinitiv.
Revenue, net of interest expense, was flat at $23 billion and below analysts’ expectations of $23.30 billion.