(BofA) Bank of America posted total revenue of $23.23 billion in the first quarter of 2022, higher than $22.82 billion in the prior year. The revenue was higher than estimates of $23.13 billion.
The bank said that its results were boosted by improved credit quality, with a net charge of $392 million, compared to forecasts of $848.7 million. The charge-off was a 52% drop from the prior year.
BofA also narrowed its credit loss provisions, with just $30 million in the first quarter, compared to expectations of $468 million. About $362 million in reserves was released.
The bank’s net income came at $7.1 billion or $0.80 per share in the first quarter, compared to $8.05 billion in the prior year. The earnings surpassed estimates of $0.75 a share.
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