Bank of America (NYSE: BAC) reported Q1 EPS of $0.41, $0.06 better than the analyst estimate of $0.35. Revenues came in at $22.2 billion versus the consensus of $21.61 billion.

• Net income increased 40% to $4.9 billion, and EPS increased 46% to $0.41, compared to $3.5 billion and $0.28, respectively

• Revenue, net of interest expense, increased 7% to $22.2 billion from $20.8 billion
  • Net interest income (NII) increased 5% to $11.1 billion, reflecting benefits from higher interest rates, as well as growth in loans and deposits(A)
  • Noninterest income increased 9% to $11.2 billion from $10.3 billion, driven by higher sales and trading results and record Q1 investment banking fees
• Provision for credit losses declined 16% to $835 million from $997 million. Net charge-offs declined 13% to $934 million from $1.1 billion; the net charge-off ratio declined to 0.42% from 0.48%
• Despite higher revenue-related compensation expenses, total expense was flat at $14.8 billion
  • – Q1-17 included $1.4 billion in annual retirement-eligible incentive costs and seasonally elevated payroll tax vs. $1.2 billion in Q1-16
• Average loan balances in business segments3 rose $44 billion, or 6%, to $819 billion. Total average deposit balances increased $58 billion, or 5%, to $1.26 trillion
• Return on average assets 0.88%; return on average common equity 7.3%; return on average tangible common equity 10.3%
• Book value per share rose 5% to $24.36; tangible book value per share(C) rose 6% to $17.23
• Repurchased a net $2.3 billion in common stock and paid $0.8 billion in common stock dividends

“Our approach to responsible growth delivered strong results again this quarter. Revenue was up 7 percent and EPS grew 46 percent. We saw good client activity in our balanced portfolio of businesses: consumer spending was up, our wealth management business had strong asset management flows, investment banking fees rebounded nicely, and we continued to provide credit and capital to our corporate and institutional clients to help them drive the economy forward. The U.S. economy continues to show consumer and business optimism, and our results reflect that.” - Brian Moynihan, Chief Executive Officer

The PDF could not be displayed inside the page, click here to open.

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