Bank of America and Goldman Sachs announced their first quarter balance sheets
Bank of America’s first-quarter profit rose from $7.66 billion to $8.16 billion, earnings per share were 94 cents, forecast was 82 cents.
The company’s revenues increased by 13 percent compared to the previous year, reaching $26.26 billion.
Foreign exchange, fixed income instruments and commodities transactions increased by 30 percent to $3.4 billion in the first quarter due to the rise in interest rates. This was effective in the company’s profit exceeding the estimates.
Net interest income of the bank increased by 25 percent in the first three months to $14.4 billion. Analysts had expected a 24 percent increase.
Fall in Goldman’s profits
The first quarter revenues of Goldman Sachs of the USA are in line with the forecasts. under left.
In the first quarter, the bank’s net profit fell 18 percent to $3.23 billion. Earnings per share was $8.79. The expectation was $8.21.
Net income fell 5 percent to $12.22 billion. The expectation was $12.8 billion. Net interest income came in at $1.78 billion, below estimates of $2.18 billion.
Investment banking revenue fell 26 percent to $1.58 billion, compared to $1.54 billion expected.
The bankruptcy of 2 banks in the USA in March shook the markets. The bankruptcies caused a sharp decline in bank shares and the transfer of deposits to larger banks.
