BofA consumer banking unit records 7% rise in Q1 income
The consumer banking arm of Bank of America (BofA) has reported a net income of $1.89bn for the first quarter of 2017, up 7% from $1.76bn a year earlier.
The division’s total revenue for the quarter ended 31 March 2017 stood at $8.28bn, a 5% rise compared to $7.85bn in the year ago quarter.
Provision for credit losses surged 58% to $838m from $531m last year. Non-interest expense dipped 3% year-on-year to $4.4bn.
Overall, the banking group posted a net income of $4.85bn for the first quarter of 2017, a 40% surge compared to $3.47bn a year ago. Total revenue rose 7% to $22.25bn from $20.79bn in the prior year.
BofA CFO Paul Donofrio said: "Each of our businesses reported higher revenue and earnings this quarter, and each recorded solid operating leverage. We grew loans and deposits, while remaining within our risk framework. We also did a good job managing expenses.
“Despite higher revenue-related expenses in our wealth management and capital markets businesses, we kept overall expenses flat year-over-year as we continued to focus on streamlining and simplifying our company. Our balance sheet remains strong. We grew capital even as we repurchased a net $2.3 billion in stock and paid $0.8 billion in common stock dividends in the quarter.”
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