By Ben Glickman
Bank of America reported a higher profit for the first quarter, reflecting a resilient U.S. economy in the months just before President Trump escalated his tariff threats with his "Liberation Day" announcement.
The company said profit rose 11% to $7.4 billion from a year earlier. That amounted to 90 cents a share, beating analyst expectations.
Revenue rose 6% to $27.4 billion, powered by increases from the bank's markets segment and its wealth management arm.
Credit and debit card spending rose 4% from a year ago, but was down from the previous quarter.
"Our business clients have been performing well; and consumers have shown resilience, continuing to spend and maintaining healthy credit quality," said Chief Executive Brian Moynihan in a statement.
The S&P 500 had already slid by the end of the first quarter with uncertainty over Trump's next moves hanging over markets. Then right after the period ended, Trump unveiled his sweeping tariffs that set off massive swings in markets.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
April 15, 2025 07:05 ET (11:05 GMT)
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