LONDON (ShareCast) - (Sharecast News) - Bank of America beat analysts' estimates for its first quarter, buoyed strong net interest income.
"Results were strong despite a challenging economic environment with market and banking sector volatility. Revenue growth reflected strong net interest income improvement coupled with one of our best quarters of sales and trading," chief financial officer Alastair Borthwick said.

For the three months ending on 31 March, the lender posted topline growth of 13% to reach $26.3bn (consensus: $25.2bn).

Net income meanwhile increased by roughly 15.2% to $8.2bn.

Adjusted earnings per share meanwhile printed at 94 US cents, against 80 US cents one year before (consensus: $0.81).

In parallel, the lender's total deposits decreased from $20.07 trn during the year ago period to $1.91trn.

Net interest income was nevertheless ahead by 25% at $14.4bn, as expected by analysts polled by FactSet, on the back of higher interest rates and "solid" loan growth.

By segments of activity, revenues from Consumer Banking rose 21% to $10.7bn, in Global Banking by 48% to $2.6bn, in Global Markets by 6% to $5.6bn, while in Global Wealth and Investment Management they dipped 3% to $5.3bn.

Within Global Markets, revenues from Fixed Income, Commodities and Currencies jumped 27% to $3.4bn, even as those from equities fell by 19% to $1.6bn.

At $900m, credit loss provisions were down from $1.1bn in the year earlier quarter.

As of 1219 GMT, shares of Bank of America were 2.04% higher at $30.99.

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