Bank of America sees income, revenue increase in Q1

By Ovunc Kutlu

ISTANBUL (AA) - The Bank of America saw both its income and revenue increase in the first quarter of this year, according to its financial results statement released Tuesday.

The US-based multinational investment bank and financial services holding company posted a net income of $8.2 billion in January-March period of this year, which was up 15.5% from $7.1 billion in the same period of last year.

Total revenue increased 13.4% to $26.3 billion, from $23.2 billion during the same period, according to the figures.

CFO Alastair Borthwick said the results were strong despite a challenging economic environment with market and banking sector volatility amid the recent US banking crisis.

The bank's stock price was down more than 1.5% to $29.90 per share at 11.28 a.m. EDT, from the previous day's close of $30.37.