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Bank of America (BofA) has reported on Tuesday a 15 percent increase in its first quarter profits, exceeding expectations, after the bank recently collected interest payments, the bank reported on Tuesday.
Revenues also rose by 13 percent, while the net interest income surged by 25 percent as a result of the Federal Reserve’s latest interest hikes.
Despite the recent turmoil in the banking sector, with Silicon Valley Bank and Signature Bank’s collapse in March, bank earnings flourished, relieving the tension in the U.S. banking system.
Large banks like JPMorgan and Chase, Citigroup, and Wells Fargo have had a rise in deposits in the first quarter, with predictions for BofA to follow in their footsteps.
