Bank of America profit more than doubles on reserve release boost

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.