Bank of America released its first quarter earnings report before opening bell this morning, posting earnings of 27 cents per share, including 9 cents per share of one-time items. Net revenue was $21.4 billion for the quarter. Analysts had been expecting earnings of 29 cents per share, excluding items, on $21.66 billion in revenue.
In the same quarter a year ago, Bank of America reported losses of 5 cents per share on $22.57 billion in revenue.
Key metrics from Bank of America’s earnings report
Bank of America reported net interest income of $9.67 billion, compared to last year’s $10.29 billion and the consensus estimate of $9.79 billion. The bank reported $765 million in credit loss provisions, compared to last year’s $1.01 billion and the consensus estimate of $719.8 million.
The bank ended the quarter with $1.15 trillion in deposits, a new record. Bank of America originated $17 billion worth of mortgage and hoem equity loans and issued 1.2 million new credit cards.
First quarter revenue from FICC sales and trading fell 7% while wealth management asset management fees increased 10% year over year to $2.1 billion. The bank’s Global Banking segment increased the amount of loans it held at the end of the quarter to $296 billion.
Bank of America’s earnings by segment
Bank of America reported $1.5 billion in net income for its Consumer Banking segment and $7.5 billion in revenue for the segment, a 3% decline. The Global Wealth and Investment Management segment saw $651 million in net income and $4.5 billion in revenue.
The bank’s Global Banking segment saw $4.6 billion in net income, and its Global Markets business reported $945 million in net income and$414 million in revenue, an 8% decline compared to last year.
Bank of America updates capital and liquidity
The bank reported an estimated Common Equity Tier 1 Basel III ratio of 10.3% under the standardized approach and 10.1% under the advanced approach. Bank of America recorded $478 billion in excess liquidity sources, a new record high.
Bank of America’s tangible book value per share rose 7% to $14.79 per share. Book Value per share improved 4% to $21.66 per share.
As of this writing, shares of Bank of America were up 0.19% to $15.85 per share.