Bank of America profit more than doubles on reserve release boostReuters | Washington DC | Updated: 15-04-2021 16:18 IST | Created: 15-04-2021 15:41 IST
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.
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