Bank of America Corporation released its first quarter profit and the numbers do not look good. It reported a lower-than-expected quarter profit for the first quarter. The bank’s revenue also fell, sending its shares down by 3 percent before the bell on Wednesday.
The No. 2 U.S. bank’s income quadrupled to $2.62 billion, or 20 cents per share, from $653 million, or 3 cents per share a year earlier as expenses dropped and the bank set aside less money to cover bad loans. Its total adjusted revenue, however, fell by 8.4 percent to $23.85 billion, partly due to lower revenue from trading in fixed income securities and mortgages.
The Bank of America’s revenue from the fixed income, currency and commodities markets also fell $829 million to $3.3 billion.
Reuters tells more about the story.