Bank of America reported net income of $6.7 billion for the first quarter of 2024, down from $8.2 billion a year earlier, although adjusted earnings beat analyst expectations as higher investment banking fees helped offset a 3% fall in net interest income driven by higher deposit costs. Adjusted earnings per share came in at $0.83, ahead of the $0.76 consensus estimate compiled by LSEG, in results published by the Charlotte-based bank on Tuesday.
Net interest income was $14.0 billion for the quarter.
INVESTMENT BANKING FEES RISE 35%
Investment banking fees rose 35% year-on-year.
CAPITAL RETURNS AND CET1 RATIO
The bank's Common Equity Tier 1 capital ratio stood at 11.8% at the end of the first quarter.
Bank of America returned $4.4 billion to shareholders during the first quarter through a combination of share repurchases and dividends.