Bank of America Corp. announced on Tuesday that its net income in the first quarter of fiscal 2025 reached $7.4 billion, rising by 11% compared to the same quarter in the previous year. Meanwhile, its diluted earnings per share jumped by 18% year-on-year to stand at $0.90 per share, while its revenue advanced by 6% on an annual basis to $27.4 billion, with both figures exceeding expectations.
"We had a good first quarter, with earnings per share of $0.90 up from $0.76 last year. This reflected growth in net interest income and fee income, while sales and trading delivered its 12th consecutive quarter of year-over-year revenue growth. Our business clients have been performing well; and consumers have shown resilience, continuing to spend and maintaining healthy credit quality," Chair and CEO Brian Moynihan stated.
The bank's shares climbed by 1.75% to sell for $37.32 at 6:52 am ET during premarket trading after the report's release.
