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.
Chinese foreign ministry official on US Secretary of State Blinken's visit to China
ACWF President Underlines People
ACWF Donates Masks to Women's Organizations in Japan, Republic of Korea
Schoolgirls of Yi Ethnic Group Share Stories in Poverty Relief at ACWF Headquarters
7 Minnesotans accused in massive scheme to defraud pandemic food program to stand trial
ACWF Holds Video Meeting to Study Law on Safeguarding National Security in HK SAR
ACWF Honors 3 Women Dedicated to Curbing COVID
ACWF Calls on Women to Learn from Women Role Models in Anti
Chinese ballet to illuminate Dutch stadium
20 Women Model Medical Workers in Anti
Posts misrepresent Green Party candidate’s comment on a Jewish homeland
ACWF to Step up Efforts on Protection of Women and Children's Rights, Interests