Bank of America beats, posting record quarter with $7.3 billion in profits (BAC)

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Bank of America announced first-quarter earnings results Tuesday morning, reporting record quarterly profits of $7.3 billion.

The bank brought in earnings per share of $0.70, beating analyst expectations of $0.66 per share.

Here are the rest of the numbers:

  • Revenue: $23 billion, down slightly from last year.
  • Net income: $7.3 billion, up 6% from $6.9 billion last year.
  • Global markets: Net income of $1 billion, down 26%. Trading revenues dropped 13% to $3.6 billion, excluding adjustments. Equities fell 22% to $1.2 billion and FICC fell 8% to $2.4 billion.
  • Consumer banking: Net income of $3.2 billion, up 25%.
  • Global Wealth and Investment Management: Net income of $1 billion, up 14%.
  • Global banking: Net income of $2 billion, up 2%.

"Our diverse business mix and commitment to responsible growth drove record quarterly earnings," CEO Brian Moynihan said. "Economic growth and consumer activity in the U.S. continue to be solid, businesses of every size are borrowing and driving the economy, and asset quality is strong"

Bank of America is the fifth major bank to report earnings this quarter. JPMorgan Chase, Goldman Sachs, and Citigroup posted solid results while drama-plagued Wells Fargo provided subdued guidance.

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