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Bank of America's Q1 net profit doubles

15 April 2021
1 min.
Bank of America's Q1 net profit doubles

BAC's first-quarter profit

Net income of Bank of America Corp (NYSE:BAC). one of the largest U.S. banks, doubled to $8.1 billion, or 86 cents per share, in the first quarter of 2021, up from $4 billion, or 40 cents per share, in the same period last year, the bank said in a press release.

Revenue was virtually unchanged at $22.8 billion, with net interest income down 15.1 per cent to $10.2 billion.

However, analysts on average had forecast the bank's net income at 66 cents per share, revenue at $21.9 billion and net interest income at $10.27 billion.

BofA's significant earnings growth was driven, among other things, by a $2.7 billion dissolution of reserves.

The bank's non-interest income rose 19% last quarter to $12.6 billion, also due to strong performance in the capital markets.

Fixed income, commodities and foreign exchange (FICC) revenues jumped 22% to $3.3bn and equity revenues jumped 10% to $1.8bn.

BofA's retail banking revenues fell 12% to $8.1 billion, while deposits rose 25% to $924.1 billion.

Revenues in Global Markets Services rose 1% to $4.6bn, while revenues in Wealth Management and Investment Management rose 1% to $5bn.

The bank's Tier 1 capital adequacy ratio (CET1) rose 102 basis points year-over-year to 11.8%.

It should be noted that the bank also announced a $25bn share buyback programme.

BofA shares are rising in pre-market trading on Thursday. The bank's market value has risen nearly 21% in the past three months, while the Standard Poor's 500 stock index is up about 10%.

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