Business

Bank of America net income falls, revenue rises in Q1

Impact of pandemic, war in Ukraine, interest rate environment listed as some hurdles during first quarter

US-based multinational investment bank and financial services company Bank of America saw its net income fall but revenue rise in the first quarter of 2022.

The bank saw net income of $7.1 billion this January-March, down 12.3% from $8.1 billion during the same period last year, according to its financial results statement released on Monday.

Total revenue, on the other hand, rose to $23.2 billion a 1.7% gain from $22.8 billion during that period.

Chair and CEO Brian Moynihan said in the statement that the impact of the coronavirus pandemic, Russia’s war in Ukraine, and an evolving interest rate environment were some of the hurdles during the first quarter.

Thanks to its gain in revenue, Bank of America saw its stock price rise 3.4% to $38.85 per share on the New York Stock Exchange on Monday.

Source
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