Bank of America posts 1Q profit of $2.98 billion - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

Bank of America posts 1Q profit of $2.98 billion

Posted:

NEW YORK (AP) - Bank of America returned to profitability in the first quarter, but the results came in short of some analysts' estimates.

The consumer banking giant said Wednesday that it earned $2.98 billion after payments to preferred shareholders, compared to a loss of $514 million a year earlier.

On a per-share basis the bank earned 27 cents, compared with a loss of 5 cents a year earlier. The bank had $6 billion in legal expenses last year, causing the company to report a loss.

Bank of America's results missed expectations. Financial analysts surveyed by FactSet expected 29 cents per share, which typically excludes one-time items.

Net revenue fell to $21.2 billion compared with $22.56 billion in the same period a year earlier.

  • Business NewsMore>>

  • 16 Mile Brewery Shuts Down

    16 Mile Brewery Shuts Down

    Monday, September 24 2018 4:45 PM EDT2018-09-24 20:45:11 GMT
    Tuesday, September 25 2018 7:45 AM EDT2018-09-25 11:45:03 GMT
    GEORGETOWN, Del.- After speculation late last week, 16 Mile Brewery has officially closed its doors. On Monday, the local brewery's LED sign on Bedford Street read "Thank you for a great decade." The brewery's doors were locked, the lights off, and a signMore
    GEORGETOWN, Del.- After speculation late last week, 16 Mile Brewery has officially closed its doors. On Monday, the local brewery's LED sign on Bedford Street read "Thank you for a great decade." The brewery's doors were locked, the lights off, and a signMore
  • Perdue Activates Carolinas Disaster Relief Effort

    Perdue Activates Carolinas Disaster Relief Effort

    Thursday, September 20 2018 10:10 AM EDT2018-09-20 14:10:07 GMT
    Thursday, September 20 2018 10:20 AM EDT2018-09-20 14:20:53 GMT
    Perdue Farms is sending truckloads of food and the Perdue Chicken Food Truck to the Carolinas in response to historic flooding caused by Hurricane Florence.More
    Perdue Farms is sending truckloads of food and the Perdue Chicken Food Truck to the Carolinas in response to historic flooding caused by Hurricane Florence. More
  • Delaware Signs Final Port of Wilmington Privatization Deal

    Delaware Signs Final Port of Wilmington Privatization Deal

    Sep 19, 2018 9:22 AM -04:002018-09-19 13:22:00 GMT
    Wednesday, September 19 2018 9:22 AM EDT2018-09-19 13:22:38 GMT
    The Port of Wilmington (Photo: Creative Commons)The Port of Wilmington (Photo: Creative Commons)
    The Port of Wilmington (Photo: Creative Commons)The Port of Wilmington (Photo: Creative Commons)
    Delaware has signed a final agreement with a private Emirati port operator to privatize the Port of Wilmington.More
    Delaware has signed a final agreement with a private Emirati port operator to privatize the Port of Wilmington.    More
Powered by Frankly

All content © Copyright 2000 - 2018 WBOC. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices