CHARLOTTE, N.C. (AP) — Bank of America says first quarter profit rose 5.6% to $7.31 billion.
The Charlotte, North Carolina-based bank said Tuesday that it had earnings of 70 cents per share in the latest quarter, up from 62 cents per share a year earlier.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 65 cents per share.
The nation’s second-largest bank posted revenue of $28.8 billion in the period. Its revenue net of interest expense was $23 billion, unchanged from a year ago and below Street forecasts. Five analysts surveyed by Zacks expected revenue of $23.23 billion.
Bank of America shares have climbed 21% since the beginning of the year, while the Standard & Poor’s 500 index has risen 16%. The stock has risen slightly in the last 12 months.
This story was partially generated with information from Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BAC at https://www.zacks.com/ap/BAC