Higher interest rates, loans lift BofA profit
NEW YORK-Agence France-Presse
Net income for the quarter ending March 31 was $6.5 billion, up 34.2 percent from the year-ago period.
Revenues climbed 3.9 percent to $23.1 billion.
Overall loan levels were up solidly from the year-ago period, a sign that the large U.S. bank is benefiting from strengthening macro conditions.
Bank of America’s global markets business experienced similar trends to other large banks that reported last week, with equity trading surging higher and offsetting weakness in fixed income and currency trading.
“Strong client activity, coupled with a growing global economy and solid U.S. consumer activity, led to record quarterly earnings,” said Bank of America chief executive Brian Moynihan.
Shares of Bank of America rose 0.8 percent to $30.03 in pre-market trading.