Bank of America profit doubles in 1Q to $8.1 billion

CHARLOTTE — Bank of America Corp. says its net income doubled to $8.05 billion in the first quarter.

The bank, based in Charlotte, said Thursday that it had earnings of 86 cents per share, up from 40 cents a year earlier.

Bank of America was able to free up $2.7 billion of the reserves it had set aside early in the pandemic in case of loan defaults, giving a boost to its bottom line in the latest quarter.

The results surpassed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 65 cents per share.

The nation’s second-largest bank posted revenue of $24.02 billion in the period. Its revenue net of interest expense was $22.82 billion, also exceeding Street forecasts and unchanged from a year ago. Five analysts surveyed by Zacks expected $21.91 billion.

Bank of America shares have climbed 32% since the beginning of the year, while the S&P’s 500 index has climbed almost 10%. The stock has climbed 68% in the last 12 months.

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Cox Media Group