Q1 net income of $4.9B or $0.41 per share vs. $3.5B and $0.28 earned one year ago.
Consumer Banking net income of $1.89B up 7% Y/Y. Net interest income of $5.78B up 8.5%; deposit balances up 10%. Noninterest income of $2.5B slipped a hair mostly thanks to lower mortgage banking income and a divestiture gain recorded in Q1 a year ago. Provisions for credit losses of $838M vs. $531M a year ago; reserve build this year of $66M vs. a $208M release a year ago. Efficiency ratio improves to 53% from 58%.
Global Wealth and Investment Management net income of $770M up 4% Y/Y.
Global Banking net income of $1.729B up 58% Y/Y. Provisions for credit losses fell to just $17M from $536M thanks to energy improvement. Investment banking fees up 37% to $1.6B.
Global Markets net income of $1.297B up 33% Y/Y, with revenue up 27%. Sales and trading revenue of $4B up 23%; FICC revenue up 29%.
Conference call at 8:30 ET
Previously: Bank of America beats by $0.06, beats on revenue (April 18)
BAC +1.3% premarket