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BofA Q1 2013 net income increases to $2.6bn

Bank of America (BofA) has registered net income of $2.6bn, or $0.20 per diluted share, for the first quarter of 2013, against $653m, or $0.03, during the same period last fiscal.

For the latest quarter period ended on 31 March 2013, its revenue, net of interest expense, on a fully taxable-equivalent (FTE) basis grew by 5% to $23.7bn from $22.5bn during the comparable period earlier year.

Net interest income, on an FTE basis, summed up $10.9bn, compared to $11.1bn, while net interest margin stood at 2.43%, against 2.51% during the first quarter of 2012.

Consumer and Business Banking reported net income of $1.4bn, with a decrease of 4% from the year-ago quarter, due to lower net interest income, partially offset by lower noninterest expense.

Consumer Real Estate Services sustained a net loss of $1.3bn, compared to a net loss of $1.1bn during the same period year ago quarter.

Global Wealth and Investment Management revenue rose by 7% to $4.4bn, while net income surged by 31% to $720m compared to $550m, during the corresponding period a year ago.

Global Banking reported net income of $1.3bn, down by $235m from $1.57bn during the year-ago quarter, as an increase in provision expense was partially offset by a decline in noninterest expense.

Offering banking, investing, asset and other financial and risk management products and services, BofA serves nearly 52 million consumer and small business relationships with through 5,400 retail banking branches and about 16,300 ATMs and online banking, with 30 million active users.