Economics
BofA Shares Drop as Bank Sees Interest Income Growth Fading
- Net interest income likely to climb at half 2018’s rate: CFO
- Trading revenue falls 13% but still tops analysts’ estimates
This article is for subscribers only.
Bank of America Corp. dropped after it said the interest-rate boost that lifted first-quarter earnings is likely to fade over the rest of this year.
Net interest income will probably increase 3 percent for 2019, down from 6 percent last year and 5 percent in the first quarter, Chief Financial Officer Paul Donofrio said in a call with investors Tuesday. That may mean slowing growth for a consumer unit that drove profit to a record in the first three months of the year.