31 days ago • Posted by William Ramstein
Bank of America profits more than doubled in Q1
BoA profit margins topped Wall Street estimates. The second-largest U.S. bank by assets unlocked $2.7 billion from its reserves and unveiled a $25 billion stock repurchase plan, betting on a swift economic recovery driven by rapid vaccinations. Consumer banking revenue at the bank, however, fell 12% to $8.1 billion in the quarter ended March. Net interest income, a key measure of how much the bank can make from lending, fell 16% to $10.2 billion in the quarter.