Bank of America beats, delivers a record quarter (BAC)

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April 16, 2018 11:56 AM

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

Here are the key numbers:

Revenue:
Adjusted net income:
$6.9 billion, a record high, and well ahead of analyst expectations.
Net income increased to $2.7 billion, up 42%, driven by higher interest rates.
Net income increased 34% to $1 billion, again driven by higher rates.
Average deposit balances increased to $1.3 trillion, a record high.

JPMorganandCitigroupannounced first-quarter earnings on Friday, with both beating solidly. The two banks also posted gains in markets revenue, with JPMorgan's markets revenueup 7% on an underlying basisand Citigroup'stotal 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.

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