Bank of America announced first quarter earnings results on Monday.
Bank of America Merrill Lynch just announced first-quarter earnings results, beating analyst estimates with earnings per share of $0.62. Analysts had been expecting the bank to report adjusted earnings per share of $0.59.
The beat was driven by higher interest rates and lower taxes, while the bank's equities trading unit had a strong quarter, echoing a similar performance in that unit at JPMorgan and Citigroup.
Here are the key numbers:
"Strong client activity, coupled with a growing global economy and solid U.S. consumer activity, led to record quarterly earnings," CEO Brian Moynihan said in a statement. "We grew loans in our business segments by $45 billion and increased deposits by $41 billion."
JPMorgan and Citigroup announced first-quarter earnings on Friday, with both beating solidly. The two banks also posted gains in markets revenue, with JPMorgan's markets revenue up 7% on an underlying basis and Citigroup's total markets and securities securities revenue up 3%.
Those gains were driven by equities revenue, with JPMorgan posting record equities revenue of $2 billion and Citigroup posting a 38% gain in equities revenue to $1.1 billion. Fixed income revenues in contrast were flat at JPMorgan, and down at Citigroup.