Key takeaways
- Bank of America has continued the stellar Q1 earnings report trend with a 15% profit increase
- JPMorgan, Citigroup and Wells Fargo also beat analyst expectations
- All central banks so far have increased their credit default provisions as worries about a recession still hang heavy
It’s another good day for the banking sector as Bank of America’s Q1 earnings report has beaten investor forecasts and becomes the fourth major bank to do so. It’s posted a 15% increase in profit and a 13% push in revenue, boosted by interest rates.
Bank of America, like its peers, also increased its credit default provisions in anticipation of higher interest rates and credit vanishing to create a squeeze on household incomes. We’ve got the latest analysis of the earnings report, Wall Street’s reaction and what the wider banking industry picture looks like.
Support authors and subscribe to content
This is premium stuff. Subscribe to read the entire article.
Login if you have purchased