Bank of America Q1 earnings: net income hits record $3.1B, BAC shares up

Bank of America reported a net income of $3.1 billion, or $0.35 per diluted share.
The net interest income (NII) decreased 5% to $13.9 billion.
Noninterest income of $8.0 billion decreased $1.8 billion.

Today, on 16th April Bank of America’s earnings report for the first quarter of 2024 was published on its official website.
Bank of America reported a net income of $3.1 billion, or $0.35 per diluted share, compared to $7.1 billion, or $0.85 per diluted share in Q4-22.

The net interest income (NII) decreased 5% to $13.9 billion as higher deposit costs and lower deposit balances more than offset higher asset yields.

Noninterest income of $8.0 billion decreased $1.8 billion.

The net income was similar to the net $3.1 billion earnings in the preceding three months of Q4 of FY23.
The shares of the company were trading at $35.95 earlier today, reacting positively to the quarterly results.