EARNINGS: Bank of America reported Q1 earnings and revenue that topped expectations on the back of higher interest rates.
Brian Moynihan, CEO of Bank of America, speaking on Squawk Box at the WEF in Davos, Switzerland on Jan. 17th, 2023.on Tuesday reported first-quarter earnings and revenue that topped expectations on the back of higher interest rates.Earnings: 94 cents per share versus 82 cents per share expectedThe bank stock rose more than 2% in premarket trading following the results.
"Every business segment performed well as we grew client relationships and accounts organically and at a strong pace," CEO Brian Moynihan said in a statement. "Our results demonstrate how our company's decade-long commitment to responsible growth helped to provide stability in changing economic environments."
"We delivered our seventh straight quarter of operating leverage. We further strengthened our balance sheet and maintained strong liquidity," Moynihan said.
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