CEO Brian Moynhihan said, “Every business segment performed well as we grew client relationships and accounts organically at a strong pace.”
Indeed, the bank beat Wall Street earnings estimates by 8 cents coming in at 94 cents per share and revenue at $26.39 billion.
The remarkable numbers can be explained in part by its net interest income which was more than $14 billion in the first quarter, a dramatic year over year increase. Raising interest rates helped one of the nation’s largest bank expand profits, perhaps more than any other factor.
In flows of bank accounts was not mentioned in the statement, which came from America’s small banks having issues of trust with its customers due to Silicon Valley banks problems at the end of the quarter.
Instead, Moynihan pointed to consistent management stating, “Our results demonstrate how our company’s decade-long commitment to responsible growth helped to provide stability in changing economic environments.”
The bank actually declined in asset management fees as well as investment banking, so it was actually the retail side of the bank’s business that was the growth catalyst.
The bank’s balance sheets gained strength in pace with other large United States based banks. The bank also grew from trading and sales in fixed income and currency trading.