Bank of America's Q1 profits fall 18% on higher expenses, charge
NEW YORK (AP) — Bank of America said its first-quarter profits fell 18%, as the bank dealt with rising expenses due to the impact of higher interest rates. But the results beat analysts’ estimates.
The Charlotte, North Carolina-based bank posted a profit of $6.67 billion, or 76 cents per share, compared with $8.2 billion, or 94 cents a share, in the same period a year earlier. BofA had to make a one-time $700 million payment to the Federal Deposit Insurance Corp. to help the agency replenish the deposit insurance fund.
Excluding that one-time charge, the bank earned 83 cents per share.
Bank of America has been dealing with the effects of higher interest rates on its loan and investment portfolio for the past year. The bank bought a sizable number of bonds during the pandemic when rates were low, and those bonds have lost value as interest rates have risen.
Related articles
2 policemen killed, 1 injured in 'terror' attack in SE Iran
An armed "terror" attack targeted a police patrol unit in the southeastern Iranian provinc2024-04-30Liu refreshes men's 102kg world records at IWF World Cup
China's Liu Huanhua dominated the men's 102kg category at the International Weightlifting Fe2024-04-30- TANA TORAJA, Indonesia (AP) — Rescuers recovered the bodies of a 3-year-old girl and her mother, the2024-04-30
New Godzilla x Kong film tops China box office
"Godzilla x Kong: The New Empire," the latest installment in the MonsterVerse film franchi2024-04-30Morel hits tiebreaking HR off Díaz in 9th and Cubs top Mets 3
NEW YORK (AP) — Christopher Morel hit a two-run homer off Edwin Díaz to snap a ninth-inning tie and2024-04-30Alcaraz injures ankle, exits Rio Open after 2 games
Spanish top seed Carlos Alcaraz abandoned his Rio Open first round match against local favorite Thia2024-04-30
atest comment