Shares of financial behemoth Bank of America (NYSE:BAC) are rising today after the company delivered better-than-expected first-quarter numbers.
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Revenue rose 13.4% year-over-year to $26.3 billion outperforming estimates by $1.02 billion. EPS at $0.94 too surpassed expectations by $0.13. During the quarter, net interest income rose 25% to $14.4 billion on the back of robust loan growth and higher interest rates. Provision for credit losses during the quarter stood at $931 million.
The company had average loan and lease balances of $1 trillion and deposit balances of $1.9 trillion. Further, the company added about 130,000 net new consumer checking accounts, clocking a 17th consecutive quarterly growth.
The company delivered robust numbers, characterized by a 15% growth in net income, amid a challenging macro environment. Overall, the Street has a $35.85 consensus price target on BAC, pointing to an 18% potential upside in the stock.
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