BofA's Brian Moynihan on Q1: Strong net interest income guidance driven by core deposit franchise

Summary

Bank of America CEO Brian Moynihan discusses the company's strong first-quarter earnings beat, driven by equities trading and a raised net interest income guidance. He highlights the strength of the core deposit franchise, diversified business model, and improving consumer credit quality. Moynihan expresses confidence in the US consumer and economy, citing low unemployment and steady spending.

• BofA reported Q1 earnings beat with EPS up 25% year-over-year.
• The company raised its net interest income (NII) guidance from 5-7% to 6-8% growth.
• The NII raise is driven by a strong core deposit franchise, with deposits growing 3% year-over-year.
• Moynihan emphasizes the diversified business model across consumer, commercial, and global segments.
• Consumer credit quality is improving, with delinquencies down year-over-year.
• The US consumer is seen as strong, with low unemployment and steady spending.
• Corporate clients are using credit lines more, indicating economic confidence.
• The company is prepared for market volatility due to its business diversity.