BankAmerica Corp., holding company for the world's largest bank, reported yesterday that first-quarter earnings fell 19-4 percent to $108.5 million (74 cents a share) from $134.5 million (92 cents) in the first three months last year as net interest revenue failed to keep pace with increases in expenses.

BankAmerica Corp. President A.W. Clausen said an unusual combination of factors affected first-quarter earnings of the company, whose principal asset is San Francisco-based Bank of America. Expenses increased because of inflation, but net interest revenue -- the difference between interest paid out on deposits and received from loans and investments -- grew at a slower rate, he said.

The company reported a $1.5 million loss on foreign exchange translations in the latest quarter compared with a $4.7 million loss a year earlier.

BankAmerica Corp.'s total assets reached $114.3 billion at the end of the first quarter, an increase of 11.1 percent from a year ago. Net loans increased 10.2 percent to $63.2 billion, while total deposits were up 8 percent to $89.3 billion.

Trans World Corp. said it lost $57.5 million in the first quarter, reflecting the continued slump in the airline industry.

In the same quarter last year, Trans World lost $49.3 million.

First-quarter revenues for the nation's largest transporation company were up 6 percent to $1.15 billion from $1.08 billion in the comparable period last year.

"Our first-quarter corporate loss reflects the characteristic impact of the seasonality of TWA, our airline subsidiary," said L. Edwin Smart, chairman and chief executive. "There was a moderate worsening of our airline's results during its traditonal first-quarter trough, while out hotel, food and real estate service business collectively reported somewhat improved pretax earnings compared with the same period last year."

RJ. Reynolds Industries Inc. yesterday announced a record first quarter as sales rose 15 percent over a year ago and net earnings increased 2.4 percent.

The company reported sales of $2.77 billion for the first three months of this year, an increase of $359.3 million.

Consolidated earnings from operations were up 9.2 percent for the quarter.

Net earnings of $188.3 million were up from $183.8 million a year ago for the same period.

"RJR's record first quarter was quite good, especially compared to the unusually strong prior-year period, which was affected in part by nonoperating items," said J. Paul Sticht, chairman and chief executive officer.

He said the first-quarter showing was better than the company expected.

Aluminum Co. of America reported first-quarter profits of $101.2 million ($1.37 a share), slightly below the $143.5 million ($2.03) earned in the first three months of last year. Revenues slipped slightly to $1.299 billion from $1.303 billion in the year-earlier quarter.

"During the first quarter, some surprising strength has been noted in the markets for common alloy products. The packaging market is performing better than we expected, but aerospace schedules have been stretched out," Chairman W.H.K. George told shareholders at their annual meeting in Pittsburgh.

Shipments in the first quarter and the 1980 fourth quarter each totaled 408,000 metric tons, down from 428,000 metric tons in the 1980 first quarter.

Allied chemical Corp. said Wednesday that its first-quarter earnings rose 24 percent to a record $84 million ($2.33 a share) as a result of improved earnings from a number of the company's businesses, reduced interest expense, and lower income taxes, partially offset by higher excise taxes on North Sea oil.

Sales in the latest quarter totaled a record $1.58 billion, up 14 percent from $1.38 billion in the 1980 period.

Allied Chemical is a diversified producer of a wide variety of products. The company's businesses include energy and services, chemicals, fibers and electrical products.