BofA (BAC) Q1 Earnings Beat on Strength in IB and Trading

Bank of America’s (BAC) first-quarter 2024 adjusted earnings of 83 cents per share outpaced the Zacks Consensus Estimate of 77 cents. The bottom line compared unfavorably with the 94 cents earned in the prior-year quarter.After considering the FDIC special assessment charge of $700 million, earnings per share was 76 cents.Despite modest loan growth (loan balances rose 0.3% from the prior-year period) and high interest rates, BofA recorded a decline in net interest income (NII) because of higher deposit cost ...