One of the biggest Banks in the United States of America, Bank of America posted the results of First-quarter of 2019, and they are mind-blowing. The banking institution is showing some strong position in the market with expected earning reports. With the posted revenue of $23 billion in the first quarter, it is clear that the company is good in maintaining the growth, stability, profitability and efficiency principles of business. With $23 billion in revenue and $0.70 per share, earnings have beat the expectations from the analysts.
There are many good things revealed in the Bank of America First-quarter results. With the increase in Net interest year by nine basis points year over year to 2.51%. As of now, this is the best interest yield in the Banking sector by any of the financial institution. Also, the efficiency ratio rose from 57% to 60% with a slight increase in Return on assets (ROA) of 1.26% from 1.21% of last year. Not just these, but there is more than the Bank of America did well in the first quarter. With more than 9% of the mobile users access digital banking solutions, the bank topped the charts.
Under Aggressive buyback strategy, Bank of America bought the stocks worth $6.3 billion in the first quarter. But, with the lack of IPO’s in the market, the Investment Banking fees revenue fell by 7%, which is not a good sign. Also, the equity trading revenue was not on the right side, as it fell by 22% from what it was a year ago. Even without all these drawbacks, Bank of America had a solid first quarter of 2019. Excluding the overall lack of IPOs and unwillingness of investors in equity, all other aspects of the business are looking strong. With such results, Bank of America will emerge as the most reliable banking organization at the end of the financial year.
