Bank of America, Citigroup profits up in 1st quarter

By Mucahithan Avcioglu

ISTANBUL (AA) - The net profits of major US banks, Bank of America and Citigroup, increased in the first quarter of this year on a yearly basis, according to the balance sheets of the banks on Tuesday.

Bank of America, the second-largest banking institution in the US, posted a net profit increase of 11% year-on-year to $7.4 billion from $6.7 billion in the first quarter of 2024.

The institution's earnings per share, which were 76 cents in the first quarter of last year, increased to 90 cents in the first quarter of this year.

The bank's revenues also increased by 6% in the same period, reaching $27.4 billion from $25.8 billion in the same period of 2024.

The net profit of Citigroup, the third-largest banking institution in the US, posted a year-on-year rise of 21% in the first quarter of 2025, reaching $4.1 billion from $3.4 billion in the previous period.

The institution's earnings per share rose to $1.96 in the first quarter of this year compared to $1.58 in the same period last year.

The bank's revenue in the first quarter of this year reached $21.6 billion, up 3% in the same period. The bank posted $21 billion in the same period last year.