The bank said it benefited from a combination of strong loan growth, deposit growth, market volatility and expense management during the quarter.
“Continued organic growth combined with good expense management resulted in increased operating leverage for the third consecutive quarter,” said Bank of America CEO Brian Moynihan.
Here are the key numbers:
Revenue: $23.2 billion, versus analyst estimates of $23.1 billionEarnings per share: $0.80, versus analyst estimates of $0.75Provision for credit losses: $30 million, increased by $1.9 billion
The bank’s retail banking division saw its record deposit balances rise 14% to more than $1 trillion, while average deposits jumped 13% to $2 trillion. In its small business banking unit, the bank had record deposit balances up 21% to $172 billion.
In its global markets division, the bank saw sales and trading revenue fall 7% to $4.7 billion, with the bulk of it being accounted for by its fixed income, currencies and commodities businesses. . Bank of America said it suffered zero days of trading losses in the quarter.
Bank of America’s wealth management division also generated additional growth for the business, with assets under management up 7% to $1.6 trillion. This is despite a mid-single-digit decline in the stock and bond markets during the first quarter.
Bank of America shares rose more than 1% in Monday’s trading session.