Bank of America stock traders hit record in Q1
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The news: Traders at the US’s second-largest lender, Bank of America, hauled in the bank’s highest quarterly revenue in over 10 years, pushing its stock-trading desk to an all-time record.
The numbers: Equity traders at BofA brought in USD2.8 billion ($3.92 billion) in first-quarter revenue, up 30%, while fixed-income trading rose less than 1% to USD3.5 billion.
The bank’s adjusted earnings reaching USD1.11 per share, a 25% year-on-year increase, ahead of the USD1.01 per share forecast by analysts. Net income rose 17% year-on-year to USD8.6 billion.
BofA’s overall revenue for the quarter came in at USD30.43 billion, beating estimates of USD29.93 billion.
The context: Wall Street banks capitalised on the quarter’s volatility brought about by the Iran war and broad concerns about exposure to private credit and AI impacts, with Goldman Sachs, JPMorgan and Citigroup all posting record trading results.
“We remain watchful of evolving risks. However, we saw healthy client activity, including solid consumer spending and stable asset quality, indicating a resilient American economy,” chair and CEO Brian Moynihan said in a statement on the results.
The source: Bank of America
