Brian Moynihan, Chief Executive Officer of Bank of America Corp., during a Bloomberg television interview in New York, US, on Tuesday 19 March 2024.
Jeenah Moon | Bloomberg | Getty images
Bank of America posted on Tuesday for the first quarter result That at the top of the expectations of analysts for profit and turnover on stronger than expected net interest income and trade income.
This is what the company has reported:
- Profit: 90 cents per share versus 82 cents per share LSEG estimate
- Turnover: $ 27.51 billion versus $ 26.99 billion expected
The bank said that the profit has risen 11% to $ 7.4 billion, or 90 cents per share, because the turnover increased by 5.9% to $ 27.51 billion.
Those profits were fed by net interest income, what the difference is in what a bank deposits and what it earns from loans and investments, which rose to $ 14.6 billion, which exceeds the estimate of $ 14.56 billion about Street account.
In recent weeks, the shares of the Bank of America have abandoned concern that President Donald Trump’s rate policy could cause a recession.
The shares of the company have fallen by more than 16% this year up to and including Monday.
But if it is something like his peers, Bank of America will probably have benefited from a boost in trade revenues in the quarter, while consumer credit and asset management last in the period.
JPMorgan Chase” Morgan Stanley And Goldman Sachs Each exceeded the estimates of analysts about a tree in stock trading income when banks benefited from volatility in the quarter.
This story is developing. Come back for updates.