Summary by Moomoo AI
Bank of America Corporation reported its financial performance for the first quarter ended March 31, 2024. The company's net interest income decreased to $14.0 billion compared to $14.4 billion in the same period in 2023, primarily due to higher deposits and funding costs. Noninterest income slightly decreased by $24 million to $11.8 billion. The provision for credit losses rose to $1.3 billion, up from $931 million in the previous year, driven by credit card loans and the commercial real estate office portfolio. Noninterest expense increased by $1.0 billion to $17.2 billion, with a notable $700 million accrual for the FDIC special assessment. The company's net income was $6.7 billion, or $0.76 per diluted share, a decrease from $8.2 billion, or $0.94 per diluted share, in 2023. Total assets increased by $93.7 billion to $3.3 trillion, while total...Show More