The next challenge for Bank of America’s chief executive is to ditch its earnings mediocrity. AntonyMCurrie
Bank of America on April 16 reported first-quarter earnings applicable to shareholders of $6.9 billion, 6 percent higher than the same period last year. The increase was driven in large part by a 4 percent drop in expenses. The bank’s net interest margin also improved to 2.51 percent from 2.42 percent.
At 70 cents a share, diluted earnings beat the mean estimate of sell-side analysts of 66 cents a share, according to I/B/E/S data from Refinitiv. Revenue of $23 billion was $66 million lower than last year’s first quarter and missed the mean estimate of $23.3 billion.
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