Why Jim Cramer Says Bank Of America Just Reported Its 'Best Quarter Ever'

Bank Of America Corp BAC reported first-quarter financial results Tuesday morning. On the heels of the report, Jim Cramer praised the bank's performance and called it BofA's "best quarter ever."

What Happened: Bank Of America reported first-quarter revenue of $26.39 billion, which beat average analyst estimates of $25.13 billion, according to Benzinga Pro.

Consumer banking revenue was up 21% year-over-year, global banking was up 19% and global markets revenue was up 6%. Global wealth and investment revenue fell 3% on a year-over-year basis.

Bank of America reported quarterly earnings of 94 cents per share, which beat consensus estimates of 82 cents per share. Net interest income climbed 25% year-over-year. 

Related Link: Bank of America Outshines Projections: Q1 16% Earnings Beat Fuels Share Price Rally

Why It Matters: Cramer was blown away by the quarter, which beat his expectations across all metrics, he said Tuesday on CNBC's "Squawk On The Street."

"Did you know that their loan losses is at a 53-year low? That's why I'm saying it's the best," Cramer said. 

He continued, "Commercial real estate: best. Mortgage portfolio for houses: beautiful shape. Car sales/car loans: fantastic. Credit card: extraordinary. What am I gonna do? I can't poke holes in it."

Chairman and CEO Brian Moynihan noted on the call that every business segment performed well, and client relationships and accounts grew organically. He also highlighted the strength of the company's balance sheet, including its strong liquidity position. 

"I thought this was Brian Moynihan's best quarter ever," Cramer emphasized.

See Also: Bank Of America Charges Higher In Tandem With JPMorgan, Citigroup: A Technical Analysis

BAC Price Action: Bank of America has a 52-week high of $40.37 and a 52-week low of $26.32.

The stock was down 0.46% at $30.23 at the time of writing, according to Benzinga Pro.

Photo: Shutterstock and Mike Mozart on Flickr.