Bank of America Corp. (NYSE:BAC) reported first-quarter fiscal 2026 results on Wednesday, posting higher profit and revenue that exceeded analyst expectations.
Net income rose to $8.6 billion from $7.4 billion a year earlier, while earnings per share came in at $1.11, topping the consensus estimate of $1.00.
Revenue, net of interest expense, increased 7% year over year to $30.27 billion, ahead of estimates of $29.93 billion. The bank said debit and credit card spending climbed 7% to $245 billion during the quarter.
Segment Performance
Consumer Banking generated net income of $3.06 billion, up from $2.53 billion a year ago. Global Wealth and Investment Management reported $1.33 billion, compared with $1.01 billion a year earlier.
Global Banking posted $2.09 billion, up from $1.92 billion, while Global Markets earned $2.01 billion versus $1.95 billion last year.
Net interest income increased 9% year over year to $15.7 billion, driven by higher activity in Global Markets, increased deposit and loan balances, and fixed-rate asset repricing, partially offset by lower interest rates.
Noninterest income rose 5.2% to $14.5 billion. Provision for credit losses declined to $1.3 billion from $1.5 billion a year earlier, while investment banking fees jumped 21% to $1.8 billion.
Balance Sheet and Capital Return
The bank’s efficiency ratio improved to 60.89% from 62.59% …