BAC Bank of America Corporation

By Rachel Louise Ensign 

Bank of America Corp. said Tuesday that first-quarter profit rose.

Quarterly profit at the Charlotte, N.C.-based bank, the second largest in the U.S. by assets, was $7.31 billion, compared with $6.92 billion a year earlier. Per-share earnings were 70 cents. Analysts polled by Refinitiv had expected 66 cents per share.

First-quarter revenue was $23 billion, roughly flat from $23.07 billion a year ago.

Three years of interest-rate increases have allowed banks to charge borrowers more without significantly increasing what they pay depositors, driving up profits. Yet the Federal Reserve in March opted to keep rates steady and indicated it was unlikely to raise them at all this year. Some have suggested the Fed could cut rates if economic conditions worsen.

Bank of America paid 0.73% on U.S. interest-bearing deposits in the first quarter, compared with 0.63% in the fourth quarter.

Write to Rachel Louise Ensign at rachel.ensign@wsj.com

(END) Dow Jones Newswires

April 16, 2019 07:20 ET (11:20 GMT)

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