BAC Stock | Bank Of America Q1 2019 Earnings Call Snow [2JT7C2VJQS0]
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Bank of America beats Q1 earnings estimates, misses revenue targets
April 16, 2019
Bank of America (BAC) reported Q1 earnings of $0.70 per share, beating the ukko pekka luukkonen Streets estimates of $0.65 a share. However, revenue for the first quarter came in at $23 billion, justin foscue missing the consenus target of $23.3 billion. Bank of America stock was down about 2% during the pre-market trading hours.
The banking giants earnings stood at $0.70 per share compared to $0.65 in the prior year quarter. Revenue, net of interest expense, of $23.0 billion was below the previous year revenue of $23.1 billion.
The 5% increase in the net interest income was driven by the interest rate hikes in 2018 and growth in loans and deposits. Average loan and lease balances in business segments rose 4% and average deposit balances rose 5%. Provision for credit losses increased $179 million to $1 billion.
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SEC Filings: anthony davis