CHARLOTTE, N.C. (AP) — CHARLOTTE, N.C. (AP) — Bank of America Corp. (BAC) on Wednesday reported first-quarter earnings of $8.58 billion.
The Charlotte, North Carolina-based company said it had earnings of $1.11 per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1 per share.
The nation’s second-largest bank posted revenue of $47.89 billion in the period. Its revenue net of interest expense was $30.27 billion, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $29.94 billion.
Bank of America shares have dropped 3% since the beginning of the year, while the S&P’s 500 index has risen almost 2%. The stock has climbed 45% in the last 12 months.
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This story was 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
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