CHARLOTTE (HNP) – Bank of America Corp. says its net income doubled to $ 8.05 billion in the first quarter.
A bank in Charlotte, North Carolina, said on Thursday it had a profit of 86 cents per share, up from 40 cents a year earlier.
Bank of America was able to release $ 2.7 billion in reserves it owed in the event of a loan repayment at the start of the epidemic, hitting its main line in the last quarter.
The results exceeded Wall Street expectations. The average rating of the nine analysts surveyed by Zacks Investment Research was 65 cents per share.
The second largest bank in the country during this period amounted to $ 24.02 billion. Percentage net income was $ 22.82 billion, which also exceeded Street forecasts, unchanged from a year earlier. Five analysts surveyed by Acks Ax expected $ 21.91 billion.
Shares of Bank of America have risen 32% since the beginning of the year, and the S & P’s 500 index has risen almost 10%. Over the past 12 months, the fund has grown by 68%.
This story was created in part using Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access the Zacks Stock Report on BAC: https://www.zacks.com/ap/BAC