Sunday 27 September, 2020

Bank of America posts $7 billion profit in Q1

The United States’ second largest bank by assets, Bank of America, had a stellar first quarter, posting net income of US$6.9 billion.

This equated to 62 cents per share. This net income figure was generated from revenues of $23.1 billion, beating analysts’ forecasts.

Bank of America is bullish about its prospects, and has announced that it will open an additional 500 new branches over the next four years.

Its average deposit balances came in at a record $1.3 trillion for the quarter under review.

CEO Brian Moynihan said: “Strong client activity, coupled with a growing global economy and solid US consumer activity, led to record quarterly earnings.”

Its equity revenues jumped 38% to $1.52 billion. Its consumer banking division posted revenues of $9 billion, with a significant uptick in deposits and loans.

Bank of America shares are now trading at $30.

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