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Bank of America’s Q1 net income down 18% to $6.7B

Bruno T
Latest News
April 16 2024 9:50AM

Bank of America Corp. announced on Tuesday that its net income in the first quarter of its fiscal 2024 landed at $6.7 billion, dropping 18% from $8.2 billion registered a year prior.

Meanwhile, year over year, diluted earnings per share decreased 19% to $0.76, while revenue fell 1% to $25.8 billion, both exceeding expectations.

“We reported a strong quarter as our businesses performed well, adding clients and deepening relationships. We reached 36.9 million consumer checking accounts, with 21 consecutive quarters of net checking account growth,” Chari and CEO Brian Moynihan commented. Meanwhile, CFO Alastair Borthwick noted that the bank was “able to return $4.4 billion to shareholders through common stock dividends and share repurchases this quarter.”

The company’s stock fell 0.70% in the premarket session after the release of the report to sell for $35.7 apiece.