Antalya: The net profits of major US banks, Bank of America and Citigroup, have risen in the first quarter of this year compared to the same period last year, according to the balance sheets released by the banks on Tuesday.

According to Anadolu Agency, Bank of America, which is the second-largest banking institution in the US, saw its net profit increase by 11% year-on-year. The profit rose to $7.4 billion from $6.7 billion in the first quarter of 2024. The institution's earnings per share also experienced growth, rising from 76 cents to 90 cents during the same period. Additionally, the bank's revenues increased by 6%, reaching $27.4 billion from $25.8 billion.

Citigroup, ranking as the third-largest banking institution in the US, reported a 21% rise in net profit in the first quarter of 2025, amounting to $4.1 billion, up from $3.4 billion in the previous year. The institution's earnings per share rose to $1.96, up from $1.58 in the same period last year. Citigroup's revenue for the first quarter reached $21.6 billion, marking a 3% increase from the $21 billion posted in the same period last year.