) has posted net profit per share that topped expectations despite slipping compared to the prior year, as higher investment banking fees helped the Wall Street lending giant offset a slight year-on-year decline in net interest income.
Revenue, net of interest expense, came in at $25.3 billion, up by 1% and above projections of $25.25 billion. However, the figure decreased from $7.8 billion, or $0.90 per share, in the corresponding period in 2023. The bank said the dip was linked to higher asset yields and loan growth being more than outweighed by elevated deposit costs -- in a sign that customers were demanding more return for putting their money into the bank.BofA also left its provisions for credit losses unchanged at $1.5 billion. In the prior quarter, the company had bumped up provisions by more than a third from the previous year to cover for potentially delinquent loans.