Bank of America profit more than doubles on reserve release boost

Reuters | Washington DC | Updated: 15-04-2021 16:18 IST | Created: 15-04-2021 15:41 IST
Bank of America profit more than doubles on reserve release boost
Representative image Image Credit: Flickr

Bank of America Corp reported a jump in first-quarter profit on Thursday as it released reserves it had set aside to cover potential coronavirus loan losses. Net income applicable to common shareholders rose to $7.56 billion, or 86 cents per share, for the quarter ended March 31, from $3.54 billion, or 40 cents per share, a year earlier.

Analysts on average had expected a profit of 66 cents per share, according to the IBES estimate from Refinitiv.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)



Blockchain in Healthcare: Opportunities and challenges

The use of blockchain in healthcare is a relatively new innovation with many of its uses still being explored and related technologies being developed, improved, and scaled. ...

Debate surrounding vaccine passports and development misses bigger picture

... ...

Blockchain vs IOTA: Looking for a better alternative

... ...

For stability, Iraq needs to crack down on corruption

... ...


Latest News

U.S. government working to aid top fuel pipeline operator after cyberattack

The White House was working closely with top U.S. fuel pipeline operator Colonial Pipeline on Sunday to help it recover from a ransomware attack that forced the company to shut a critical fuel network supplying populous eastern states. The ...

David Attenborough named COP26 People’s Advocate ahead of key climate summit

Britain has tasked naturalist David Attenborough with inspiring action to tackle the issue of climate change as its Peoples Advocate ahead of the United Nations Climate Change Conference COP26 in November in Glasgow, Scotland. COP26 could a...

SpaceX accepts dogecoin as payment to launch lunar mission next year

SpaceX will launch the DOGE-1 Mission to the Moon in the first quarter of next year, with Elon Musks commercial rocket company accepting the meme-inspired cryptocurrency dogecoin as payment.SpaceX launching satellite Doge-1 to the moon next...

Police: Maryland man killed 3 neighbors, set house ablaze

A Maryland man who neighbors said had a long history of aggression went on a rampage over the weekend, shooting or stabbing three people to death and setting his home on fire before responding officers fatally shot him, police said Sunday.A...

Give Feedback