BofA Misses Estimates on Slump in Deals, Energy Loan Losses
- Earnings and revenue miss analysts' estimates, expenses drop
- Global-banking division profit tumbles 22% to $1.07 billion
Bank of America Profit Tumbles 13% as Trading Slumps
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Bank of America Corp. posted a first-quarter profit that missed analysts’ estimates as trading and underwriting revenue dropped and energy loans soured. The stock fell in early trading.
Net income at the second-biggest U.S. bank fell 13 percent to $2.68 billion, or 21 cents a share, from $3.1 billion, or 25 cents, a year earlier, according to a statement Thursday from the Charlotte, North Carolina-based firm. Adjusted earnings per share were 20 cents, 1 cent less than the average estimate of analysts surveyed by Bloomberg.