Bank of America has reported a net income of $7.1bn, or $0.80 per diluted share, for the first quarter ended 31 March 2022, a 12% decline compared to $8.1bn, or $0.86 per diluted share, for the corresponding quarter prior year.
The company has reported a pre-tax income of $7.9bn for the first quarter of 2022 (Q1 2022), a 14% decrease compared to $9.2bn for the same period in 2021.
The bank has reported total revenue, net of interest expenses, of $23.2bn for Q1 2022, a 2% increase compared to $22.8bn for the respective quarter prior year.
Its non-interest expenses for the reported period were $15.3bn, which declined by 1% compared to $15.5bn for the same quarter in 2021.
Bank of America chief financial officer Alastair Borthwick said: “First quarter results were strong despite challenging markets and volatility, which we believe reflect the value of our Responsible Growth strategy.
“Net interest income increased by $1.4bn versus the year-ago quarter supported by strong loan and deposit growth. Capital strength allowed us to grow loans, weather the worst bond market in 40 years, support communities, and return more than $4bn back to shareholders.
“With very minor direct exposure to Russia-based companies, our teams were able to assist clients and navigate through the complexities of the sanctions.”
Bank of America’s consumer banking business has reported a net income of $3bn for Q1 2022, an 11% rise compared to $2.7bn for the same period the previous year.
Its global wealth and investment management unit has reported a net income of $1.1bn for Q1 2022, a 25% increase compared to $883m for the respective quarter in 2021.
The company’s global banking business has reported a net income of $1.7bn for Q1 2022, a 19% decrease compared to $2.1bn for the same period last year.
The bank’s global markets business has reported a net income of $1.6m for Q1 2022, a 20% decline compared to $2bn for the corresponding quarter in 2021.
