CHARLOTTE (dpa-AFX) - Bank of America Corp. (BAC) reported Tuesday that net
income applicable to common shareholders for the first quarter declined to $6.14
billion or $0.76 per share from $7.66 billion or $0.94 per share in the
prior-year quarter. Excluding items, adjusted net income for the quarter was
$0.83 per share.

On average, 18 analysts polled by Thomson Reuters expected the company to report
earnings of $0.77 per share for the quarter. Analysts' estimates typically
exclude special items.

The provision for credit losses was $1.32 billion, compared to $931 million last
year.

Total revenue, net of interest expense, decreased 2 percent to $25.82 billion
from $26.26 billion in the prior-year quarter. Wall Street expected revenues of
$25.46 billion for the quarter.

Net interest income was $14.03 billion, down 3 percent from last year, as higher
deposit costs more than offset higher asset yields and modest loan growth.

Non-interest income edged down to $11.79 billion from $11.81 billion last year.

Noninterest expense increased 6 percent to $17.24 billion from last year.

For more earnings news, earnings calendar, and earnings for stocks, visit
rttnews.com



Copyright(c) 2024 RTTNews.com. All Rights Reserved

Copyright RTT News/dpa-AFX