Bank of America Q1 Earnings: Better than a Quarter Ago, but Still Down YoY
April 16, 2024
Bank of America's (BAC) Q1 2024 profit beat consensus forecast, with both net interest income and discretionary income rising from the previous quarter, thanks to a recovery in the investment banking industry.
Q1 adjusted earnings per share rose to $0.83, beating analysts' average estimate of $0.77 and posting an increase from $0.70 in Q4 2023, but a decrease from $0.94 in Q1 2023. The adjusted figure excluded a $700 million pre-tax FDIC special assessment charge. Net interest income (FTE basis) was $14.2 billion, beating the consensus of $14.0 billion and up from $14.1 billion in the prior quarter, but, again, down from $14.6 billion in the year-ago period. Revenue: $25.8 billion vs. estimate of $25.61 billion. Trading Revenue excluding DVA came in at $5.18 billion vs. estimated $5.02 billion.
Noninterest income of $11.8 billion also beat expectations of $11.6 billion, and increased from $8.01 billion in Q4 and was flat compared with Q1 2023. Provisions for loan losses kept creeping up to $1.32 billion, up from $1.1 billion in the previous quarter and $931 million a year ago.
Popular posts
Alibaba’s Earnings vs. China’s Regulatory Actions: Waiting for Stock Reentry Signals
August 4, 2021
Ethereum “London” Change of Protocol: Big Deal or Much Ado About Nothing?
August 6, 2021
Why Robinhood IPO is Highly Contingent on Crypto Market Performance
July 2, 2021