In This Article:
CHARLOTTE, N.C. (AP) — Bank of America Corp. (BAC) on Tuesday reported first-quarter profit of $7.4 billion.
The Charlotte, North Carolina-based company said it had earnings of 90 cents per share.
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 81 cents per share.
The nation's second-largest bank posted revenue net of interest expense of $27.37 billion, also topping Street forecasts. Six analysts surveyed by Zacks expected $26.86 billion.
Bank of America shares have fallen 17% since the beginning of the year, while the S&P's 500 index has declined 13%. The stock has increased 2.5% in the last 12 months.
_____
This story has been corrected to show that the S&P 500 has declined, not climbed, in the year to date.
_____
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BAC at https://www.zacks.com/ap/BAC