Higher interest rates pushed up profits for Bank of America (BofA) in the first quarter of 2023, but much like its depository peers, JP Morgan Chase and Wells Fargo, the mortgage business dropped by double-digits during this period. 

The bank posted a net income of $8.2 billion from January to March, rising 15.5% quarter over quarter and climbing from $7.1 billion during the same quarter last year.

​​“Every business segment performed well as we grew client relationships and accounts organically and at a strong pace,” Brian Moynihan, Chair and CEO details ⇒

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