The US bank has presented its quarterly figures.
(Photo: AP)
new York Bank of America benefited from the US Federal Reserve’s rate hikes in the first quarter. Net income attributable to shareholders rose by a billion to $7.66 billion from January to March year-on-year, the second largest US bank announced on Tuesday. That equates to earnings per share of 94 cents, while analysts had expected only 82 cents.
“The rising earnings reflect a strong improvement in net interest income coupled with one of our best trading quarters,” said Chief Financial Officer Alastair Borthwick. Net interest income rose 25 percent to $14.4 billion in the first quarter.
Total returns of $26.3 billion beat analysts’ expectations of $25.13 billion. The money house set aside $931 million for impending loan defaults.
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