Bank of America's Q1 profits fall 18% on higher expenses, charge
Time:2024-04-30 07:14:01 Source:travelViews(143)
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.
Previous:Parents of Michigan high school shooter sentenced 10
Next:Foreign diplomats impressed by traditional culture, high
You may also like
- Chinese scientists use machine learning for precise Antarctic sea ice prediction
- China's newly developed aircraft launched its first commercial flight
- Cricket bowled over by big
- Chinese President Meets Red Cross President
- Beijing improves services to facilitate film and television projects
- Memorable show lowers curtain on Asian Games
- Xinjiang delivers 740 billion kWh of electricity to nation
- Memorable show lowers curtain on Asian Games
- Convicted robber, 45, admits stabbing charity busker, 87, while riding his mobility scooter