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.
Inquiry slams UK authorities for failures that killed thousands in infected blood scandal
'Constantly learning' Imanaga off to impressive start with the Chicago Cubs
Candice Swanepoel stuns in a form
What a blast to work at NASA. Space agency is sky
I was 'brokefished' by my friend for £400
Who is Jacob Zuma, the former South African president disqualified from next week's election?
Yvette Fielding says her Most Haunted co
Target to lower prices on basic goods in response to inflation
Revealed: Brit tourist, 19, subjected to sex attack in Majorca 'was gang
Sweden beats France, Britain relegated after losing to Norway at hockey worlds
Red Lobster seeks bankruptcy protection after closing some restaurants
Investigators return to Long Island home of Gilgo Beach serial killing suspect