Bank of America has reported a net income of $6.7bn, or $0.76 per diluted share, for the first quarter ended 31 March 2024, an 18% decline compared to $8.2bn, or $0.94 per diluted share, for the respective quarter in 2023.
The US-based financial services provider reported a total revenue of $25.8bn for the first quarter (Q1) 2024, a 2% decrease compared to $26.3bn for the same period in the previous year.
The bank reported a pretax income of $7.3bn for Q1 2024, a 20% decline compared to $9.1bn for the corresponding quarter last year.
Bank of America reported a non-interest expense of $17.2bn for Q1 2024, a 6% rise compared to $16.2bn for the same period in the previous year.
Bank of America chair and CEO Brian Moynihan said: “We reached 36.9 million consumer checking accounts, with 21 consecutive quarters of net checking account growth.
“Our Wealth Management team generated record revenue, with record client balances, and investment banking rebounded.
“Bank of America’s sales and trading businesses continued their strong 2023 momentum this quarter, reporting the best first quarter in over a decade.
“Continued strong earnings and strong expense management both position our company to continue to drive our market-leading positions across our businesses.”
Bank of America’s consumer banking business reported a net income of $2.7bn for Q1 2024, a 13% decline compared to $3.1bn for the same quarter in 2023.
The bank’s global wealth and investment management arm reported a net income of $1bn for Q1 2024, a 9% decrease compared to $917m for the respective quarter of the previous year.
Its global banking business reported a net income of $2bn for Q1 2024, a 20% decline compared to $2.5bn for the same period in 2023.
Bank of America’s global markets unit reported a net income of $1.7bn for Q1 2024, which remained unchanged from the same quarter in the previous year.
Bank of America chief financial officer Alastair Borthwick said: “The first quarter saw continued organic growth in our businesses as we grew loans and deposits from Q1-23.
“We saw increased digital engagement as clients utilised the power of the Bank of America platform to meet their financial needs.
“Our net income was $6.7bn, and we were able to return $4.4bn to shareholders through common stock dividends and share repurchases this quarter.”
