Bank Of America Q1 Results Tops Estimates
(RTTNews) - Bank of America Corp. (BAC) reported Tuesday that net income applicable to common shareholders for the first quarter declined to $6.14 billion or $0.76 per share from $7.66 billion or $0.94 per share in the prior-year quarter. Excluding items, adjusted net income for the quarter was $0.83 per share.
On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $0.77 per share for the quarter. Analysts' estimates typically exclude special items.
The provision for credit losses was $1.32 billion, compared to $931 million last year.
Total revenue, net of interest expense, decreased 2 percent to $25.82 billion from $26.26 billion in the prior-year quarter. Wall Street expected revenues of $25.46 billion for the quarter.
Net interest income was $14.03 billion, down 3 percent from last year, as higher deposit costs more than offset higher asset yields and modest loan growth.
Non-interest income edged down to $11.79 billion from $11.81 billion last year.
Noninterest expense increased 6 percent to $17.24 billion from last year.
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