Bank of America profit falls but beats target

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Bank of America Corp. BAC, -3.22% shares rose 1.1% in premarket trading on Monday after the bank said its first-quarter earnings fell to $7.1 billion, or 80 cents a share, from $8.1 billion, or 86 cents a share in the year-ago quarter. First-quarter revenue increased to $23.2 billion from $22.8 billion. Analysts expected Bank of America to earn 75 cents a share on revenue of $23.1 billion, according to a FactSet survey. CFO Alastair Borthwick said the bank’s first-quarter results were “strong despite challenging markets and volatility” with net interest income up by $1.4 billion on “strong” loan and deposit growth. Shares of Bank of America are down 15.6% so far in 2022, compared to a loss of 7.8% by the S&P 500 SPX, -1.21% and drop of 5.5% by the Financial Select Sector SPDR ETF XLF, -1.13%.

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