Bank of America Profit Rose to $4.24 billion from $1.21 billion
Bank of America the largest U.S. bank by assets, reported first-quarter profit more than tripled on gains from home refinancing and trading. The stock fell in early trading as more borrowers fell behind on their payments. Net income rose to $4.24 billion from $1.21 billion, or 23 cents a share, a year earlier.
The Charlotte, North Carolina- based bank said today in a statement. Earnings per share equaled 44 cents in the three months ended March 31 after preferred dividends to the U.S. rescue fund, beating the most optimistic analysts’ estimates. The quarter included an addition of $6.4 billion to loan loss reserves.