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Brian Moynihan, Bank of America
Bank of America said loans in its business segments grew by 5 percent to $864 billion on a year-over-year basis.
“Our responsible growth model continues to deliver consistent results,” CEO Brian Moynihan said in a statement. “Strong client activity, coupled with a growing global economy and solid U.S. consumer activity, led to record quarterly earnings.”
Bank of America also said revenue for its consumer banking business climbed 9 percent to $9 billion, driven by a 13 percent spike in net interest income in the segment.
Revenue for equities trading rose 38 percent $1.5 billion, helping offset a 13 percent decline in fixed income trading. Equities trading likely got a boost from an uptick in stock-market volatility last quarter as investors fretted over inflationary and political concerns.
Bank of America added that legislation passed last year helped drive its effective tax rate down by 9 percentage points.
“I thought they were pretty good results,” Jeff Harte, analyst at Sandler O’Neill, told CNBC’s “Squawk Box” on Monday. “Net net, I think we’re seeing progress where we need to see progress and BofA should keep chugging along higher, in my opinion.”
The company’s stock was down slightly in early trading Monday. Bank of America shares are up about 1 percent for the year, outperforming rival Citigroup, which is down 4.6 percent in 2018.
Correction: An earlier version misstated Bank of America’s revenue for consumer banking for the first quarter. It was $9 billion.