Bank of America Reports Earnings Drop

Bank of America has announced its first-quarter results and the outcome is not very positive. The multinational banking corporation has reported a 13 percent decline in first-quarter profit.

On a positive note though loan growth and expense cuts have prompted investors to be hopeful about the future.

“It wasn’t a great quarter, but it was a normal quarter,” Nancy Bush, an independent banking analyst based in Madison, Ga told The Wall Street Journal. “We can live with that.”

Last quarter, Bank of America reported earnings per share of $0.28 per share on revenue of $19.8 billion.

Bank of America Reports Earnings Drop

Some of the key highlights of the first-quarter included:

  • A non-interest expense drop of six percent to $14.8 billion,
  • A 13 percent increase in commercial loans, with credit flowing to companies in healthcare equipment and financial services sectors,
  • A total loan balance growth of $28.4 billion to $901.1 billion,
  • Approximately 1.2 million new U.S. consumer credit cards

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Source: Small Business Trends