The Bank of America Corporation (BofA) announced on Tuesday that its revenue in the first quarter of the fiscal year 2023 observed an annual rise of 13% to reach $26.3 billion. The bank's net income jumped 15% compared to the same trimester the previous year to mark $8.2 billion, while its diluted earnings per share (EPS) came in at $0.94, beating market estimates.
"Our results demonstrate how our company’s decade-long commitment to responsible growth helped to provide stability in changing economic environments," CEO Brian Moynihan remarked, stressing that BofA further strengthened its balance sheet and "maintained strong liquidity."
Following the release of the report, Bank of America's shares traded 2.83% higher in premarket trading.
