Bank of America posts better-than-expected earnings in Q1

Bank of America posts better-than-expected earnings in Q1

Mubasher: Bank of America Corp. on Monday reported better-than-expected earnings during that first quarter of this year.

Profits amounted to $6.92 billion in Q1-18, compared to $5.34 billion in the same quarter a year earlier, according to the bank’s statement.

Earnings per share (EPS) rose 62% in the first three months of 2018 versus 59% for the same period of the prior year, the Charlotte-based bank noted.

Revenues of the American multinational financial services company rose to $23.125 billion in Q1-18 from $22.25 billion in the same quarter the year before, the statement showed.

"Our responsible growth model continues to deliver consistent results..Strong client activity, coupled with a growing global economy and solid US consumer activity, led to record quarterly earnings," Bank of America's CEO Brian Moynihan said. 

Bank of America's stocks rise about 1% in 2018, outpacing rival Citigroup, which is down 4.6% this year.

“This quarter is the first time investors have a chance to see exactly how much the recent tax bill is helping the bank's bottom line,” according to Market Watch.