BAC - Why Bank of America Stock Is Under Pressure Today
2024-04-16 13:29:55 ET
Bank of America (NYSE: BAC) beat on the top and bottom lines, but investors are more focused on elevated expenses and charge-offs of bad loans that exceeded expectations. Shares are trading off slightly, down about 3% as of 12:30 p.m. ET.
Bank of America earned $0.83 per share in the first quarter on sales of $25.82 billion, surpassing the Wall Street consensus estimate for a $0.77 per share profit on sales of $25.46 billion. Revenue was down 2% year over year as higher investment banking and trading revenues were unable to offset lower net interest income.
Revenue in the consumer banking segment was down 5%, and average deposits were down 7% but remain well above pre-pandemic levels. The bank added 245,000 new checking accounts in the quarter and saw strong gains in its global wealth management, banking, and markets divisions.
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Why Bank of America Stock Is Under Pressure Today