"Interest income has increased by $ 1.4 billion compared to the previous quarter supported by strong growth in loans and deposits," said CFO Alastair Borthwick.
Bank of America (BAC) - sent the first quarterly revenue better than expected on Monday due to strong residual interest rates between improving loan demand and a $ 240 billion bank deposit base profit.
Bank of America said profits for the three months ending March were set at 80 cents per share, down 7% from the same period last year and by 5 cents ahead of the 75 cents road agreement forecast per share.
The group's profits, according to the bank, increased by 2% from last year to $ 23.2 billion, down sharply on line and analysts' estimates, as interest residual interest increased by 13% to $ 11.6 billion, a 35% reduction in revenue. of bank investment.
"We have received strong results in the first quarter earning $ 7.1 billion, continuing the record revenue level by 2021. In all our businesses, continued biodiversity growth combined with cost effective management has improved performance for the third consecutive quarter," said chief executive Brian Moynihan.
"Throughout the year we have increased $ 70 billion in debt and invested $ 240 billion. Our teammates support our clients while controlling the effects of the epidemic, the Ukrainian war, and the changing environment," he added. "Our strong first-year customer service has yielded results that allow us to deliver to shareholders as we continue to invest in our people, businesses and communities."
