BofA’s Moynihan Flags ‘Resilient’ Consumer As Trading Surge Powers Q1 Beat – BAC Stock Climbs 1%

Healthy client activity and resilient consumer spending helped Bank of America (BAC) earnings exceed Wall Street expectations in the first quarter, as the lender joined its peers in benefiting from a surge in trading revenue. The bank’s earnings were driven by double-digit growth in its sales and trading revenue.

BAC shares were up 1% in pre-market trading on Wednesday.

Revenue rose 7% to $30.3 billion, and came above Wall Street’s estimates of $29.74 billion, according to Fiscal.ai data, boosted by a 13% jump in sales and trading revenue. The bank’s diluted earnings per share surged 25% to $1.11, compared to estimates of $1.02.

“We remain watchful of evolving risks. However, we saw healthy client activity, including solid consumer spending and stable asset quality, indicating a resilient American economy,” Chair and CEO Brian Moynihan said.

The results followed a strong showing from Goldman Sachs (GS) on Tuesday, as it delivered a strong first-quarter performance, led by a 27% growth in equities revenue.

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