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.

Source: Yahoo

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