Bank of America Q1 earnings: net income hits record $3.1B, BAC shares up
Today, on 16th April Bank of America’s earnings report for the first quarter of 2024 was published on its official website.
Bank of America reported a net income of $3.1 billion, or $0.35 per diluted share, compared to $7.1 billion, or $0.85 per diluted share in Q4-22.
The net interest income (NII) decreased 5% to $13.9 billion as higher deposit costs and lower deposit balances more than offset higher asset yields.
Noninterest income of $8.0 billion decreased $1.8 billion.
The net income was similar to the net $3.1 billion earnings in the preceding three months of Q4 of FY23.
The shares of the company were trading at $35.95 earlier today, reacting positively to the quarterly results.
Bank of America’s Chair and CEO Brian Moynihan says,
“We reported solid fourth quarter and full-year results as all our businesses achieved strong organic growth, with record client activity and digital engagement. This activity led to good loan demand and growth in deposits in the quarter and full-year net income of $26.5 billion. Our expense discipline allowed us to continue investing in growth initiatives. Strong capital and liquidity levels position us well to continue to deliver responsible growth in 2024.”
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