Bank of America Corporation Wednesday reported net income of $2.6 billion for the first quarter of 2013, compared to $653 million, in the first quarter of 2012. Revenue, net of interest expense, rose 5 percent to $23.7 billion from $22.5 billion a year ago.
The company has credit card and other operations in Delaware. It does not release employment figures, but is believed to have more than 6,000 associates.
The results for the first quarter of 2013 were driven by increased brokerage income, higher investment banking fees, and improved credit quality across all major portfolios, partially offset by lower mortgage banking income and lower net gains on the sales of debt securities.
“Our strategy of connecting our customers to all we can do for them is working,” said CEO Brian Moynihan. “Solid increases in loan growth to small businesses and middle-market companies, four straight quarters of steady growth in mortgage originations, record earnings in wealth management, and another quarter near the top in investment banking fees show we are balanced, focused and moving forward.”
While management was upbeat about the results, earnings fell below Wall Street expectations, with rival JPMorgan Chase posted stronger earnings.
Click on the link below for the earnings release:
