Bank of America reported Q1/16 net income of $2.7 billion, down 13% from $3.1 billion a year ago. Earnings per share of $0.21 were below analysts’ expectations of $0.22 EPS. Total revenue, net of interest expense, was $19.5 billion, down 7% from $20.9 billion in Q1/15.

Key Q1/16 highlights are:

• Net interest income and noninterest income of $9.2 billion and $10.3 billion, respectively, were down from $9.4 billion and $11.5 billion in Q1/15.
• Provision for credit losses of $997 million, was up from $765 million a year earlier. Net charge-offs declined to $1.1 billion from $1.2 billion in Q1/15.
• Total loan balances grew $28.4 billion to $901.1 billion.
• Noninterest expense, including litigation, was down 28% to $860 million

“This quarter, we benefited from good consumer and commercial banking activity. Our business segments earned $4.5 billion, up 16% from the year-ago quarter,” said Brian Moynihan, CEO. “This was partially offset by valuation adjustments from lower long-term interest rates and annual compensation expenses. Despite volatile markets, our Global Markets business produced solid earnings. As always we are focused on loan and deposit growth and managing expenses. By doing that, we continue to improve on what we do best: helping consumers live their financial lives and helping businesses grow and employ more people.”