![]() ![]() Continuing to investĪlastair Borthwick, Chief Financial Officer at Bank of America, said that the organization would continue to invest heavily in technology, people and marketing across all lines of business. In our cash pro mobile app with our commercial clients, we see many $5 billion usage days. We're now processing more outgoing Zelle transactions than checks. ![]() Even more impressive, look at Zelle and Erica volumes, up more than four times in pre-pandemic levels. You can also see our digital sales are now twice the pre-pandemic level just three years ago. So adding the digital capacity clearly increases our total production capabilities. What makes them even more impressive is all the financial centers are now open and back to operating at their usual great capacity. We are now selling more digitally than we are in person. We added more digital capabilities and crossed 50% in digital sales.įrom a broader enterprise perspective, part of managing costs comes from the drive we have in the company to provide enhanced digital capabilities to our customers, which in turn drives adoption for digital engagement and lower costs. We opened new financial centers, and we renovated many others. In fact, we grew net new checking accounts by more than 220,000 this quarter alone. We grew and expanded customer relationships across every business. Record 76% of checks deposited through automated channelsĬommenting on Bank of America’s digital growth, Moynihan said: Record 85% of clients digitally active across the enterprise On the global wealth and investment management front, the bank saw: The key stats for digital usage in consumer banking include:ħ1% of overall households actively using digital platformsĤ2.3 million active digital banking users, up 5%, or 2.0 millionĢ million active Zelle users (Bank of America’s primary banking app), now including small businesses, sent and received 213 million transfers worth $65 billion, up 26% and 31% YoY, respectivelyĬlients booked ~813,000 digital appointments This use of digital across Bank of America’s core divisions continued to trend upwards. Moynihan said that the message to get across to the market is that there continues to be a “shift away from cash and checks” towards “digital alternatives”. I want to thank our team for delivering on responsible growth once again. We had a return on tangible common equity of 15.5%.Īll this came in that quarter that saw geopolitical conflict, rising interest rates, a pandemic, rising inflation concerns and much, much more. We grew pre-tax pre-provision income by 8%. We made trading profits every day during the quarter. Net interest income grew 13% and is expected to grow significantly from here. We grew revenue, we reduced costs, and we delivered our third straight quarter of operating leverage coming out of pandemic. ![]() We reported $7.1 billion in net income or $0.80 per diluted share. In a quarter that had a lot of variables show up, we delivered responsible growth again. I want to step back and focus on the big picture about Bank of America this quarter. Notably, Bank of America was the only US ‘mega bank’ to report an increase in revenue for the first three months of 2022.Ĭommenting on the Q1 results, Brian Moynihan, Chief Executive Officer at Bank of America, said: The bank said it saw record digital sales, which increased to 53% of total sales. Bank of America also added 228,000 net new consumer checking accounts this quarter and the global wealth and investment management division saw client balances increase by $234 billion, up by 7%. Revenues at the bank were up 2% to $23.2 billion and a net income of $7.1 billion. The executive team at Bank of America were bullish about the organization’s future prospects, despite some macroeconomic uncertainty, as its Q1 2022 results were trending positive across most metrics. Bank of America has once again highlighted how its digital investments are complementing its traditional banking, with its technology platforms fuelling cost savings, customer growth and revenue acquisition. ![]()
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