Bank of America tops estimates on better-than-expected interest income, investment banking
Publishing timestamp: 2024-04-16 12:29:50
Summary
Bank of America reported first-quarter earnings that beat analysts' estimates for profit and revenue, driven by better-than-expected interest income and investment banking. However, the bank's profit fell 18% and revenue slipped 1.6%. Net interest income declined, but the bank's trading operations and investment banking revenue exceeded expectations. Bank of America's share decline was attributed to the rise in the 10-year Treasury yield rather than its first-quarter results.
Sentiment: NEUTRAL
Keywords: bank of america corp, breaking news: investing, breaking news: earnings, wall street, citigroup inc, investment strategy, jpmorgan drn, breaking news: markets, business news, goldman sachs group inc, earnings, banks, business,
Source: https://www.cnbc.com/2024/04/16/bank-of-america-bac-earnings-q1-2024.html