BOA reports higher earnings in its first quarter on Monday, topping Wall Street forecasts and continuing a strong run of results by most major U.S. banks.
The Charlotte, N.C.-based banking giant reported earnings per share of 62 cents on $6.9 billion in net income, beating the 59 cents and $6.3 billion predictions of financial analysts surveyed by S&P Capital IQ.
Total revenue was $23.1 billion. It was up from $22.2 billion for the January-to-March quarter last year, and higher than the analysts’ forecast. Average deposit balances raised $41 billion, or 3%, to a record $1.3 trillion.
Bank of America also said non-interest expense fell $196 million, or 1%, to $13.9 billion, improving the company’s efficiency ratio to 60%. Bank of America shares were nearly 0.7% higher at $30 in trading before U.S. financial markets opened.
Bank of America also said it is expanding its national footprint into new markets, with locations in Cincinnati, Cleveland, Columbus, Denver, Indianapolis, Lexington, Minneapolis-St. Paul, Pittsburgh and Salt Lake City.
U.S. banks have been among the biggest beneficiaries of the tax overhaul. However, company executives on Monday said Bank of America still ranks among the largest U.S. taxpayers.
Only Wells Fargo broke the trend after the San Francisco-based banking giant on Friday disclosed that it could face $1 billion in collective penalties from two regulators for abuses in mortgages and auto loans, as well as compliance oversight issues.