$Bank of America (BAC.US)$ stock rose about 3% in premarket trades after it posted stronger-than-expected first-quarter profit.
Bank of America reported a 15% increase in net income to $8.2 billion, or 94 cents a share, from $7.1 billion, or 80 cents a share, in the year-ago quarter. The company beat the analyst forecast of 81 cents a share, according to estimates compiled by FactSet.
Bank of America said its revenue increased 13% to $26.3 billion, ahead of the analyst estimate of $25.16 billion.
Bank of America said its first-quarter net interest income moved up by 25% to $14.4 billion, due to "benefits from higher interest rates and solid loan growth." End of period deposit balances declined $20 billion, or 1%, to $1.9 trillion compared to the previous quarter, with average deposits down $152 billion, or 7%, to $1.9 trillion.
Source: MarketWatch
