BANK of America (BOFA) has reported a fall in profit during the first quarter as its income from interest payments fell, although the blow was cushioned by improved trading from its dealmaking and wealth management arms.

The bank posted a profit of $6.7bn (£5.38bn) for the three months of 2024, down 18 per cent from $8.2bn (£6.59bn)during the same period last year. BOFA's net interest income fell three per cent to $14bn (£11.26bn).

Morgan Stanley's profit has risen 14 per cent thanks to a recovery in investment banking.

The bank reported a net income of $3.4bn (£2.73bn) in the first three months of 2024, up from $3bn (£2.41bn) during the same period last year. Net revenue rose to $15.14bn (£12.2bn) during the first quarter from $14.5bn (£11.64bn) a year before.

(c) 2024 City A.M., source Newspaper