US-based international investment banking firms Bank of America and Citigroup saw their earnings increase in the first quarter, according to financial results statements released on Thursday.

Bank of America saw revenues reach $22.8 billion in the first three months of this year, unchanged from the same quarter last year.

Its net income more than doubled to $8.1 billion from $4 billion.

“While low interest rates continued to challenge revenue, credit costs improved and we believe that progress in the health crisis and the economy point to an accelerating recovery,” said Chairman and CEO Brian Moynihan.

Citigroup saw a 6.7% decline in revenue which fell to $19.3 billion in the January-March period from $20.7 billion in the same period in 2020.

Net income soared 216% to $7.9 billion, from $2.5 billion.

“We are optimistic about the macro environment,” according to CEO Jane Fraser who added that revenue numbers were a result of the coronavirus pandemic.

“This is the healthiest we have seen the consumer emerge from a crisis in recent history,” she said.

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