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Finance: Bank of America beats, delivers a record quarter (BAC)

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Bank of America announced first quarter earnings results on Monday.

Bank of America Merrill Lynch just announced first-quarter earnings results, beating analyst estimates with earnings per share of $0.62. Analysts had been expecting the bank to report adjusted earnings per share of $0.59.

Here are the key numbers:

  • Revenue: $23.1 billion, marginally ahead of analyst expectations of $23 billion. Net interest income increased by $550 million, driven by higher rates. .
  • Adjusted net income: $6.9 billion, a record high, and well ahead of analyst expectations.
  • Deposits: Average deposit balances increased to $1.3 trillion, a record high.

"Strong client activity, coupled with a growing global economy and solid U.S. consumer activity, led to record quarterly earnings," CEO Brian Moynihan said in a statement. "We grew loans in our business segments by $45 billion and increased deposits by $41 billion."

JPMorgan and Citigroup announced first-quarter earnings on Friday, with both beating solidly. The two banks also posted gains in markets revenue, with JPMorgan's markets revenue up 7% on an underlying basis and Citigroup's total markets and securities securities revenue up 3%.

Those gains were driven by equities revenue, with JPMorgan posting record equities revenue of $2 billion and Citigroup posting a 38% gain in equities revenue to $1.1 billion. Fixed income revenues in contrast were flat at JPMorgan, and down at Citigroup.

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