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
Oregon officials close entire coast to mussel harvesting due to shellfish poisoning
SALEM, Ore. (AP) — Oregon authorities have closed the state’s entire coastline to mussel harvesting2024-06-03Bill Zito has a new title with the Florida Panthers. He's now president of hockey operations
SUNRISE, Fla. (AP) — Bill Zito has been promoted by the Florida Panthers, with the team announcing M2024-06-03Testimony in USC case before labor relations board administrative judge could be wrapping up
LOS ANGELES (AP) — A National Labor Relations Board complaint against the University of Southern Cal2024-06-03Victoria Beckham shows off her £300 mobility scooter while out with husband David
Victoria Beckham showed off her £300 mobility scooter while out with husband David on Monday.The fas2024-06-03A mass parachute jump over Normandy kicks off commemorations for the 80th anniversary of D
CARENTAN-LES-MARAIS, France (AP) — Parachutists jumping from World War II-era planes hurled themselv2024-06-03US citizen arrested in Moscow on drug charges appears in court
MOSCOW (AP) — A U.S. citizen arrested on drug charges in Moscow amid soaring Russia-U.S. tensions ov2024-06-03
atest comment