Bank of America beats earnings estimates as trading revenue jumps 30%

Bank of America’s first-quarter profit beat Wall Street estimates as a 30% surge in equities trading revenue and a rebound in investment banking lifted results, even as the bank framed the quarter as evidence of a resilient U.S. economy.

The Charlotte-based lender earned $8.6 billion, up 17% from a year earlier, on revenue of $30.43 billion, a 7.2% increase. Earnings per share came in at $1.11, above the $1.01 analysts expected, and revenue topped the $29.93 billion consensus. Sales and trading revenue rose 13% to $6.4 billion, while equities trading revenue jumped to $2.83 billion, the best quarter for that business in 15 years. Investment-banking revenue climbed 21% to $1.8 billion.

That strength arrived alongside a busy dealmaking backdrop. Global mergers and acquisitions volume exceeded $1.2 trillion in the quarter, including 22 deals worth more than $10 billion, helping revive fee income across the banking industry. Bank of America shares rose 1.5% in premarket trading, a modest bounce for a stock that had been lagging the broader S&P 500 so far in 2026.

The contrast in the numbers is striking. Bank of America serves nearly 70 million clients and says it has about 59 million verified digital users, giving its consumer franchise a broad view of household behavior. Brian Moynihan said the firm saw “healthy client activity,” including solid consumer spending and stable asset quality, and cast that as evidence of a resilient American economy. Yet the biggest gains in the quarter came from businesses tied to market activity and corporate transactions, not from a sweeping pickup across the consumer side of the bank.

Moynihan and Chief Financial Officer Alastair Borthwick were scheduled to discuss the results on an investor call at 8:30 a.m. ET. For investors trying to judge the health of the economy, Bank of America’s quarter offered a familiar split: Wall Street is still rewarding banks that can capitalize on trading and deal flow, while the consumer picture remains more dependent on whether household spending holds up through a slower, uneven expansion.