Bank of America: Q1 Earnings Snapshot
CHARLOTTE, N.C. (AP) _ Bank of America Corp. (BAC) on Thursday reported first-quarter net income of $8.05 billion.
The bank, based in Charlotte, North Carolina, said it had earnings of 86 cents per share.
The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 65 cents per share.
The nation’s second-largest bank posted revenue of $24.02 billion in the period. Its revenue net of interest expense was $22.82 billion, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $21.91 billion.
Bank of America shares have climbed 32% since the beginning of the year, while the S&P’s 500 index has climbed almost 10%. The stock has climbed 68% in the last 12 months.