The Bank of America reported that the year-over-year increase in profits was driven by several factors, including reduced deposit costs, increased activity in global markets, and the revaluation of fixed-rate assets, which was offset by low-interest rates.
The bank increased its provisions to $1.5 billion, almost the same amount as at the end of 2024, and slightly higher than the $1.3 billion recorded in the first quarter of that year.
Non-interest expenses reached $17.8 billion (€15.707 billion), a 3% rise compared to the previous year, due to elevated expenses and investments in technology, operations, and branding.
This was balanced by the absence of special assessment expenses from the FDIC (Federal Deposit Insurance Corporation), the independent U.S. government agency that insures bank deposits, which had been a factor in the first quarter of 2024.
