The largest US retail lender, Bank of America
(BofA), has reported higher-than-forecast first-quarter net income
of $2.83 billion, up marginally from $2.81 billion in the
corresponding period last year.
Net profits at BofA’s predominantly retail
based Deposits unit rose by 13.8 percent from the year-ago-period
to $683 million while the bank’s card unit returned to the black,
posting net income of $952 million (Q109 -$1.75 billion).
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Total group assets were flat at $2.33 trillion
while retail deposits rose 6.9 percent to $417.5 billion,
BofA’s first quarter results followed
disappointing retail, but analyst-beating group earnings from
rival JPMorgan Chase, kicking off the fiscal reporting season
for the major US banks.
The Chase branded retail financial services
unit made a $131 million loss in the first quarter, compared with
net profits of $474 million a year ago.
Total group net profits rose by 55 percent in
the first three months to $3.3 billion, following a strong set of
results at JPMorgan Chase’s investment banking division.
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