Have you been eager to see how Bank of America (BAC – Free Report) performed in Q1 in comparison with the market expectations? Let’s quickly scan through the key facts from this Charlotte-based one of the world’s largest financial institutions’ earnings release this morning:

An Earnings Beat

BofA came out with earnings of 62 cents per share, which surpassed the Zacks Consensus Estimate of 59 cents. 

Increase in revenues was the key reason for the earnings beat.

How Was the Estimate Revision Trend?

You should note that the earnings estimate revisions for BofA depicted a neutral stance prior to the earnings release. The Zacks Consensus Estimate has remained stable over the last 30 days.

Nonetheless, BofA has an impressive earnings surprise history. Before posting the earnings beat in Q1, the company delivered positive surprises in all four trailing quarters.

Bank of America Corporation Price and EPS Surprise

Overall, the company has a positive earnings surprise of 8.8% in the trailing four quarters.

Higher-than-expected Revenues

BofA posted net revenues of $23.1 billion, which was above the Zacks Consensus Estimate of $22.9 billion.

Key Q1 Statistics

What Zacks Rank Says

At present, BofA carries a Zacks Rank #3 (Hold). However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.

How the Market Reacted So Far

Following the earnings release, BofA shares were up nearly 1% in the pre-trading session. This is in contrast to what the stock witnessed in the prior-day’s session. Clearly, the initial reaction shows that the investors have considered the results in their favor. However, the full-session’s price movement may indicate a different picture.