The news: Bank of America topped Q1 estimates, earning $30.43 billion in revenues versus analysts’ benchmark of $29.93 billion, per CNBC.

• Combined credit and debit card spend increased 7% YoY to $245 billion.
• 11.4 million consumers enrolled in Preferred Rewards, up 3% YoY.
• Bank of America’s Zelle users grew 5% YoY to 25 million, sending 460 million transactions worth $147 billion, representing 11% and 13% growth, respectively.
• And CashPro App payments were up 19% to $324 billion.

Consumer financial health: Like its competitors, Bank of America signalled that consumers were financially resilient.

• Net charge-offs decreased from 4.05% a year ago to 3.64%.
• 30+ day delinquencies edged down to 2.44% from 2.5% in Q1 2025.
• 90+ day delinquencies fell from 1.34% to 1.3%.

Inside the earnings call:

Spending. CEO Brian Moynihan spoke to the “resilience” of the US consumer within the earnings call, with spending up across BofA’s platforms despite projections for inflation. Moynihan said $4.5 trillion moved through the US economy via Bank of America, up 5% from 2024.

War in Iran. Moynihan believes that “despite all of the risk out there, the ongoing conflicts in the Middle East,” his US research team still anticipates moderate US and global growth over the next several years.

Growth of the consumer. Moynihan reiterated that while renewed inflation may make consumers “shift money around,” it won’t stall spending unless unemployment surges and wage growth plateaus or declines. 

Implications for payments providers: Consumers may be embattled by rising fuel prices, but they’re more likely to search for value instead of stopping spending outright. 

Linked offer deals, cash-back rewards, and flexible payment offers on credit cards could entice a choosier shopper to give loyalty to a particular payment provider.

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