Bank of America released its Q1 2023 earnings on Tuesday, beating analysts’ expectations across the board.
The bank reported $26.3B in revenue, up 13% YoY. Net income rose 15% to $8.2B or 94 cents a share. BofA reported net interest income of $14.4B, up 25% YoY.
- BofA’s consumer banking unit reported $3.1B in net income and added 130,000 net new consumer checking accounts.
- The bank reported its client balances (deposits) of $1.6T declined by just $33B or 2%.
- Its global banking unit posted $2.6B in net income, and its global markets arm had $1.7B in net income.
- BofA’s sales and trading revenue increased by 7% to $5.1B.
- BofA reported $931M in provision for credit losses, up from $901M reported last quarter.
- BofA plans to cut 4,000 jobs, or about 2% of its workforce, by the end of June.
- The bank said it has already cut 1,000 positions in the first couple weeks of April.
- BofA shares closed at $30.56 on Tuesday, up ~1% for the day.
- The bank is down ~9% YTD.
