CHARLOTTE, N.C. — Bank of America says first-quarter profit rose 5.6 percent to $7.31 billion.
The Charlotte-based bank said Tuesday that it had earnings of 70 cents per share in the latest quarter, up from 62 cents per share a year earlier.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 65 cents per share.
[ALSO READ: Bank of America plans to boost minimum wage to $20 an hour]
The nation's second-largest bank posted revenue of $28.8 billion in the period. Its revenue net of interest expense was $23 billion, unchanged from a year ago and below Street forecasts. Five analysts surveyed by Zacks expected revenue of $23.23 billion.
Bank of America shares have climbed 21 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 16 percent. The stock has risen slightly in the last 12 months.
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Associated Press
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