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Bank of America meets earnings estimates, beats revenue expectations in Q1 2024

Published 16/04/2024, 09:04 pm
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BAC
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Shares of Bank of America (NYSE:BAC) reported earnings and revenue results for the fiscal Q1 2024 earnings that exceeded Wall Street estimates.

The bank shares fell slightly by 0.6% in premarket trading Tuesday.

BofA reported quarterly earnings per share (EPS) of $0.83, beating the consensus projection of $0.76. The bank's revenue for the quarter reached $25.8 billion, surpassing the consensus forecast of $25.49 billion.

The trading revenue, excluding Debt Valuation Adjustment (DVA), totaled $5.18 billion, also above the estimated $5.02 billion. Further, the wealth and investment management segment reported revenue of $5.59 billion, higher than the $5.34 billion expected by analysts.

The bank's standardized Common Equity Tier 1 (CET1) ratio stood firm at 11.8%, meeting the estimated figure.

"We reported a strong quarter as our businesses performed well, adding clients and deepening relationships. We reached 36.9 million consumer checking accounts, with 21 consecutive quarters of net checking account growth,” said Bank of America's Chair and CEO Brian Moynihan.

“Our Wealth Management team generated record revenue, with record client balances, and investment banking rebounded. Bank of America's sales and trading businesses continued their strong 2023 momentum this quarter, reporting the best first quarter in over a decade.”

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