Bank Of America Corp. on Monday reported strong first-quarter financial results led by an increase in consumer lending activity.
What Happened
Bank Of America said first-quarter revenue grew 2 percent year-over-year to $23.2 billion, which beat the average analyst estimate of $23.1 billion. The firm reported quarterly earnings of 80 cents per share, which beat the 74-cent estimate, according to data from Benzinga Pro.
Average loan and lease balances were up 8 percent ($70 billion) to $978 billion led by strong commercial loan growth as well as higher consumer balances.
Consumer banking income totaled $3 billion during the quarter, led by record deposit balances, which were up 14 percent to more than $1 trillion. Small business deposit balances climbed 21 percent to $172 billion and average loans and leases were up 4 percent to $19 billion.
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