Goldman, Bank of America income, revenue rise in Q1

By Ovunc Kutlu

NEW YORK (AA) - Goldman Sachs and Bank of America saw their net income and revenues increase in the first quarter of 2017, the global investment banking giants said Tuesday.

Goldman's net income rose 1.2 percent to $1.68 billion in the first quarter, from $1.66 billion the same period a year ago.

The bank's revenue rose from $6.34 billion to $8.03 billion, during the same period, posting a 26.6 percent increase.

Revenue, however, came below the market expectation of around $8.4 billion, which pushed Goldman Sachs stocks lower in Wall Street.

The bank saw its stock price plummet to as low as $213.36 Tuesday, from the previous close of $226.26 per share -- a 5.7 percent decline.

Bank of America's net income rose 81.5 percent to $4.9 billion in the first three months of the year, from $2.7 billion the same period a year ago.

Revenue increased from $19.7 billion to $22.2 billion -- a 12.7 percent rise.

The bank's revenue also missed market expectations slightly, which had been projected at $22.6 billion for the January-March period this year.

Bank of America's stock price fell to as low as $22.38 on Tuesday, after closing Monday at $22.81 per share, marking a 1.9 percent loss.