News Analysis
Bank of America joined JPMorgan Chase & Co. and Goldman Sachs to report another great quarter. Revenues and earnings were led higher by robust trading and retail consumer banking income, helped by market volatility, lower interest rate expense, and a well-diversified business portfolio built over the last three decades.
On April 15, the Charlotte, North Carolina-based financial giant reported a net income of $7.4 billion for the first quarter, up a little more than 10 percent compared with $6.7 billion a year earlier.
Earnings per share rose to $0.90 from $0.76, while revenue increased 6 percent year over year, to $27.4 billion.
Both numbers beat analysts’ estimates, helping send the company’s shares higher. As of 3:25 p.m. EST on April 15, the stock was up by 3.86 percent….