Bank of America (BAC) Reports Q1 EPS of 62c

(Updated - April 16, 2018 6:52 AM EDT)

(Updated - April 16, 2018 6:51 AM EDT)

Bank of America (NYSE: BAC) reported Q1 EPS of $0.62, may not compare to the analyst estimate of $0.59. Revenue for the quarter came in at $23.1 billion versus the consensus estimate of $23.06 billion.

• Pretax income up 15% to $8.4 billion
• Net income up 30% to a record $6.9 billion
• Diluted earnings per share up 38% to $0.62
• Revenue, net of interest expense, increased 4% to $23.1 billion
• Net interest income (NII) increased $550 million, or 5%, to $11.6 billion, reflecting benefits from higher interest rates, as well as loan and deposit growth(A) – Noninterest income increased $327 million, or 3%, to $11.5 billion, reflecting strength in Equities and higher asset management fees
• Provision for credit losses stable at $834 million
• Noninterest expense declined $196 million, or 1%, to $13.9 billion; efficiency ratio improved to 60%
• The Tax Act resulted in an ongoing reduction to the effective tax rate of approximately 9 percentage points2
• Average loan balances in business segments rose $45 billion, or 5%, to $864 billion
• Average deposit balances rose $41 billion, or 3%, to a record $1.3 trillion, led by Consumer Banking
• Solid financial returns
• – Return on average assets 1.21%
• – Return on average common shareholders’ equity 10.8%
• – Return on average tangible common shareholders’ equity 15.3%

CEO Commentary "Our responsible growth model continues to deliver consistent results. Strong client activity, coupled with a growing global economy and solid U.S. consumer activity, led to record quarterly earnings. We grew loans in our business segments by $45 billion and increased deposits by $41 billion. We continue to invest in new capabilities in our mobile banking app, the expansion and renovation of our financial centers, and the hiring of additional client relationship professionals. We believe these investments, and our focus on operational excellence, will drive sustainable growth over time.”

For earnings history and earnings-related data on Bank of America (BAC) click here.

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