Bank of America and City report higher NII, repeating outlook
City and Bank of America recorded first-quarter net interest income of $14 billion and $14.4 billion, respectively. (Bank of America’s NII was $14.6 billion on a fully taxable comparable basis.) Each reflects an increase from the previous year. Both companies remained unchanged as their economic outlook weakened, with encouraging signs for investors.
NII is closely watched in the banking sector. This is because they are a huge revenue driver. This refers to the difference between what a bank comes from assets with significant interest, such as mortgages and loans, and what it pays to its customers.
Wall Street was expecting $144.9 billion in NII for the quarter at BOFA and $135.6 billion in City, according to data compiled by FactSet.