Bank of America reported Monday better-than-expected results for the first quarter of the year, driven by strong loans growth and lower taxes.
Here’s how the bank fared compared to Wall Street expectations:
—Earnings: 62 cents per share vs. 59 cents expected by Thomson Reuters
—Revenue: $23.1 billion vs. $23.059 billion forecast
—Net interest income: $11.6 billion vs. $11.69 billion forecast by StreetAccount
—Fixed income trading revenue: $2.5 billion vs. 2.92 billion forecast.
Bank of America said the average balances in its different business segments grew by 5 percent on a year-over-year basis to $864 billion.
“Our responsible growth model continues to deliver consistent results,” CEO Brian Moynihan said in a statement. “Strong client activity, coupled with a growing global economy and solid U.S. consumer activity, led to record quarterly earnings.”
Bank of America also said revenue for its consumer banking business climbed 9 percent to $864 billion.
The company’s stock rose 1 percent in the premarket. Bank of America shares are up about 1 percent for the year, outperforming rival Citigroup, which is down 4.6 percent in 2018.