Bank of American reported a net income of $8.1 billion in the first quarter of 2021, up from $4.0 billion in the comparable quarter of 2020, according to the company’s press release. Gains in trading results and unlocked $2.7 billion reserves helped to grow the income.
Total revenues in Q12021was $22.8 billion, up from $20.1 billion in Q42020, but remained unchanged from the comparable quarter of 2020.
Diluted earnings per share was $0.86, up from $0.59 in Q42020 and $0.40 in the comparable quarter of 2020
BofA’s pre-tax, pre-provision profit amounted to 68 cents per share, more than expected profit of 66 cents per share, but down 21% from a year earlier.
Consumer banking revenue fell 12% as appetite for loans waned while interest income plunged 16%
Loans and lease balances fell across BofA’s divisions by 7% to $887 billion, driven by lower credit card balances and decline in commercial loans.
The bank unveiled a $25 billion stock repurchase plan, betting on a swift economic recovery on the back of rapid vaccinations.Bank of America stock is currently gaining. BAC: NYSE is up 0.48%
