Bank of America
Q1 2022 Earnings Call
Apr 18, 2022, 8:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good day, everyone, and welcome to today's Bank of America earnings announcement. [Operator instructions] It is now my pleasure to turn today's program over to Lee McEntire.
Lee McEntire -- Senior Vice President, Investor Relations
Good morning. Thank you, Katherine. Welcome. I hope everybody had a nice weekend, and thank you for joining the call to review the first quarter results.
I trust everybody's had a chance to review our earnings release documents. As always, they are available, including the earnings presentation that we'll be referring to during this call, on our investor relations section of the bankofamerica.com website. I'm going to first turn the call over to our CEO, Brian Moynihan, for some opening comments; and then ask Alastair Borthwick, our CFO, to cover the details of the quarter. Before I turn the call over to Brian, just let me remind you that we may make forward-looking statements and refer to non-GAAP financial measures during the call.
These forward-looking statements are based on management's current expectations and the assumptions that are subject to risks and uncertainties. Factors that may cause actual results to materially differ from expectations are detailed in our earnings materials and our SEC filings that are available on the website. Information about non-GAAP financial measures, including reconciliations to U.S. GAAP, can also be found in the earnings materials that are available on the website.
So with that, take it away, Brian.
Brian Moynihan -- Chief Executive Officer
Thank you, Lee. And good morning to all of you, and thank you for joining us. As we open our earnings call this quarter, we want to acknowledge that there's -- the humanitarian crisis continue to take place in Ukraine, and remain watchful and have provided assistance from our company to the Ukrainian citizens and staying ready to help further where we can. Before we get into some discussion on the current outlook and activity, I want to step back and focus on the big picture about Bank of America this quarter.
In a quarter that had a lot of variables show up, we delivered responsible growth again. We reported $7.1 billion in net income, or $0.80 per diluted share. We grew revenue, we reduced costs, and we delivered our third straight quarter of operating leverage coming out of the pandemic. Net interest income grew 13% and is expected to grow significantly from here.