BofA Profit Jumps 40% as Fixed-Income Trading Tops Estimates
- Trading revenue climbs 17%, fueled by 29% jump in fixed income
- CEO Moynihan says results reflect optimism across U.S. economy
Bank of America Beats Estimates on Strong Trading Revenue
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Bank of America Corp. posted a 40 percent increase in first-quarter profit, fueled by stronger trading revenue, and added employees for the first time in more than five years as Chief Executive Officer Brian Moynihan expressed optimism about the U.S. economy.
Fixed-income trading revenue rose 29 percent to $2.93 billion, the second-biggest U.S. bank said Tuesday in a statement, beating analysts’ $2.6 billion average estimate. Equity trading revenue also was better than expected, climbing 7.4 percent to $1.1 billion.