Bank of America (BAC) reported Q1 FY 2021 earnings of $0.86 per share (versus $0.40 per share in Q1 FY 2020), beating analysts’ consensus estimate of $0.62 per share.

The company’s quarterly revenues amounted to $22.800 bln (+0.1% y/y), beating analysts’ consensus estimate of $21.666 bln.

Bank of America also authorized the repurchase of up to $25 billion of common stock over time.

BAC rose to $40.50 (+1.55%) in pre-market trading.