Bank of America Q1 2024 earnings show a slump in profits although figures top analyst expectations amid interest rates worries. The bank reported a revenue of $25.98 billion higher than a projected $25.46 billion for the first quarter.
Similarly, net interest income came in at $14.19 billion, above the $13.93 billion projects by StreetAccount. Although key points like deposits and its investment business came better than expected, the Bank of America Q1 2024 earnings pointed to declining profits compared to last year’s highs.
Profits Faces 18% Decline
The bank’s profit fell 18% to 76 cents a share while revenue plummeted 1.6%. The bank posted declining profits of $6.67 billion compared to last year’s figures. Several commentators have pinned the reduced profits on macroeconomic factors like inflation and the Fed’s interest rate policies.
These factors have impacted the cryptocurrency market as investors withdraw funds from riskier assets when there is a rate hike. Undoubted
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