Jim Cramer: What Bank of America's Earnings Mean for Banks

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Bank of America (BAC) - Get Report said first-quarter profit rose by 6%, as cost cuts helped to overcome a soft trading environment, wrote TheStreet's Bradley Keoun

Net income climbed to $7.3 billion, the Charlotte-based bank said Tuesday in a press release.

Earnings per share were 70 cents, beating analysts' average estimate of 66 cents.

Revenue totaled $23 billion, roughly flat with the year-earlier level, but the bank cut non-interest expenses by 4% to $13.2 billion.

"It was a challenging capital-markets environment but our team and platform are optimized," CEO Brian Moynihan said in the press release.

Stock-trading revenue tumbled 22% to $1.2 billion, while fees and trading profits from bonds, commodities and foreign exchange declined by 8% to $2.4 billion.

Jim Cramer weighed in on what he expects from Morgan Stanley's (MS) - Get Report earnings and his general thoughts on the banking sector after some of the major banks--including JPMorgan (JPM) - Get Report , Goldman Sachs (GS) - Get Report and Citigroup (C) - Get Report

Watch Jim Cramer's Daily NYSE Show and Replays Below