Bank of America Posts $7.1 Billion Net Income in Q1 2022

Bank of America, one of the world's leading financial institutions, has posted its financial results for the first quarter of 2022.

Financial Highlights

• Net income of $7.1 billion, or $0.80 per diluted share

• Pretax income declined 14% to $7.9 billion reflecting a smaller reserve release than Q1-21

• Revenue, net of interest expense, increased 2% to $23.2 billion

• Provision for credit losses of $30 million increased $1.9 billion

• ​Noninterest expense decreased 1% to $15.3 billion

• Average loan and lease balances up $70 billion, or 8%, to $978 billion led by strong commercial loan growth as well as higher consumer balances; excluding Paycheck Protection Program (PPP), loans grew $89 billion

• ​Average deposits up $240 billion, or 13%, to $2.0 trillion

• ​Average Global Liquidity Sources rose $106 billion, or 11%, to $1.1 trillion

• ​Common equity tier 1 (CET1) ratio 10.4%; returned $4.4 billion to shareholders through common stock dividends and share repurchases

• ​Return on average common shareholders' equity ratio of 11.0%; return on average tangible common shareholders' equity ratio of 15.5%

"We achieved solid first-quarter results earning $7.1 billion, continuing the momentum from record net income in 2021. Across our businesses, ongoing organic growth combined with good expense management drove operating leverage for the third consecutive quarter. Year over year we grew loans $70 billion and deposits by $240 billion. Our teammates supported our clients while managing through the impacts of the pandemic, war in Ukraine, and an evolving rate environment. Our strong first quarter client activity drove results that allow us to deliver for shareholders while continuing to invest in our people, businesses, and communities,"said Chair and CEO Brian Moynihan.