Bank of America closes the first quarter of 2018 with a net profit up 30%, beating analysts' forecasts. The result benefits above all from the changes introduced by Donald Trump's tax reform last year: the banking sector, after the high one-off charges recorded in the previous quarter, is now among those that benefit most from the lowering of the corporate rate.
The progressive rise in interest rates decided by the Federal Reserve has also helped the Bank's accounts: Bank of America, like its rivals, generates profits from the difference between what it pays on deposits and what it collects on loans.
In the three months through March, the Charlotte bank reported net profits of $6,92 billion, 62 cents a share, versus $5,34 billion, 45 cents a share, for the same period last year and better than 59. cents expected by analysts.
The turnover of the institute led by Brian Moynihan amounted to 23,125 billion, up 4% compared to 22,25 billion in the first quarter of 2017 and also in this case above the forecast 23,06 billion.
