The bank invoiced $25.8 billion between January and March, 1.9% less than a year ago, according to a statement released on Tuesday. The data is slightly above Wall Street forecasts.
The profit was 6.7 billion dollars in the period considered (-18% in one year). Per share, net profit reached $0.76, in line with market expectations.
In this period, the bank made a mandatory contribution of $700 million to the deposit insurance fund, due to the banking crisis last spring. This transfer affected their results. If this number were not counted, the profit would have reached $0.83.
It was “a solid quarter thanks to the good results of our activities and the arrival of new clients,” said Brian Moynihan, president of Bank of America, in a statement.
For its part, the American business bank Morgan Stanley improved the results of its first quarter of 2024 compared to the same period in 2023, thanks to its wealth management activity, it reported this Tuesday.
Billing in the period considered rose 4% in one year to 15.1 billion dollars, above the 14.5 billion expected by analysts according to the Bloomberg agency.
Net profit also grew, 14% to $3.4 billion. Per share, earnings were $2.02 versus $1.7 a year ago, also above expectations.
Source: With information from AFP.
