Financial institution of America Surpasses Estimates as CEO Notes Attainable ‘Altering Economic system’

Shares of Financial institution of America (BAC) surged Tuesday morning after the monetary large’s first-quarter outcomes got here in higher than anticipated.

The agency recorded earnings per share (EPS) of $0.90 on income of $27.37 billion. Analysts had been projecting $0.82 and $26.80 billion, respectively, per Seen Alpha.

Financial institution of America reported internet curiosity earnings (NII) of $14.44 billion, in step with the analyst consensus.

Regardless of largely stronger-than-expected Q1 outcomes to date, a variety of executives at large banks have been much less bullish on the macroeconomic outlook for 2025 amid uncertainty about how the Trump administration’s tariffs will impression the economic system.

“Our enterprise shoppers have been performing properly; and customers have proven resilience, persevering with to spend and sustaining wholesome credit score high quality,” Financial institution of America CEO Brian Moynihan mentioned. He added that Financial institution of America is well-positioned to proceed rising even “although we probably face a altering economic system sooner or later.”

Shares of Financial institution of America, which topped estimates in every quarter of 2024, had been up 5% shortly after markets opened Tuesday. They entered the day down roughly 17% for the reason that begin of the 12 months.

UPDATE—This text has been up to date with the most recent share worth info.