Bank of America’s first-quarter 2015 earnings showed a substantial improvement on a year-over-year basis, but fell short of the Zacks Consensus Estimate. Growth was driven by a well-controlled expense line and lower provision for credit losses, partially offset by a fall in revenues. We expect balance-sheet restructuring, expense-reduction initiatives and improving asset quality to steadily bolster the company’s bottom-line growth. Further, conditional approval of its capital plan indicates overall balance sheet strength. However, pressure on net interest yield, along with lower investment banking income and trading volumes, will keep curbing top-line growth. Also, various regulatory and litigation issues (albeit diminishing) will likely restrict its near-term growth.