Bank of America reported Thursday profit that topped Wall Street estimates on booming investment banking and trading results, as well as the release of loan-loss reserves as fewer consumers were expected to default on debts.
The bank posted a first-quarter profit of $8.1 billion, or 86 cents a share, exceeding the 66 cents a share expected by analysts surveyed by Refinitiv. The company produced $22.9 billion in revenue, edging out the $22.1 billion estimate.
“While low interest rates continued to challenge revenue, credit costs improved and we believe that progress in the health crisis and the economy point to an accelerating recovery,” CEO Brian Moynihan said in the release.
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