Affected by high interest rates, Bank of America's Q1 net profit fell by 18%, with unexpected surge in losses from commercial real estate | Financial Report Insights

Bank of America's net profit in the first quarter fell by 18%, mainly dragged down by a decline in net interest income and a sharp increase in losses in commercial real estate. Despite revenue exceeding expectations, net profit declined year-on-year, while earnings per share exceeded expectations. The CEO of Bank of America stated that the business performed well, attracting more customers and deepening cooperation relationships. Net interest income continued to decline, while stock trading business reached a new record high. Consumer banking business and global wealth and investment management department saw stable revenue growth, while global banking and markets department revenue increased slightly. Overall, Bank of America's performance was strong, with investment banking revenue exceeding expectations