Bank of America says first quarter profit rose 5.6% to $7.31 billion.
The Charlotte, North Carolina-based bank said Tuesday that it had earnings of 70 cents per share in the latest quarter, up from 62 cents per share a year earlier.
Continue Reading Below
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 65 cents per share.
The nation's second-largest bank posted revenue of $28.8 billion in the period. Its revenue net of interest expense was $23 billion, unchanged from a year ago and below Street forecasts. Five analysts surveyed by Zacks expected revenue of $23.23 billion.
Bank of America shares have climbed 21% since the beginning of the year, while the Standard & Poor's 500 index has risen 16%. The stock has risen slightly in the last 12 months.
This story was partially generated with information from Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on BAC at https://www.zacks.com/ap/BAC