Bank Of America Q1 Results Tops Estimates - Update

(RTTNews) - Bank of America Corp. (BAC) reported Tuesday that net income applicable to common shareholders for the first quarter grew to $6.99 billion or $0.90 per share from $6.14 billion or $0.76 per share in the prior-year quarter.

On average, 16 analysts polled expected the company to report earnings of $0.82 per share for the quarter. Analysts' estimates typically exclude special items.

The provision for credit losses was $1.48 billion, compared to $1.32 billion last year.

Total revenue, net of interest expense, increased 6 percent to $27.37 billion from $25.82 billion in the prior-year quarter, driven by noninterest income growth across all segments and higher net interest income. Wall Street expected revenues of $26.91 billion for the quarter.

Net interest income was $14.44 billion, up 3 percent from last year, as lower deposit costs were partially offset by the impacts of lower interest rates and one less day of interest accrual.

Non-interest income grew to $12.92 billion from $11.79 billion last year.

Noninterest expense increased 3 percent to $17.70 billion from last year.

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