Bank of America's Mixed Q1 Results: Trading and Profit Beat Estimates, but Lending Revenue Weakens
TL;DR Summary
Bank of America's trading business saw gains, but the company's elevated expenses and higher-than-expected charge-offs for soured loans failed to meet analyst expectations, with charge-offs totaling $1.5 billion, up 26% from the previous quarter, and exceeding analysts' estimates. Chief Financial Officer Alastair Borthwick noted that the increase in charge-offs on credit cards is a carryover from the previous quarter and is leveling off.
- Bank of America (BAC) Beats Estimates for Trading and Profit Even as Costs Soar Bloomberg
- Bank of America profits drop as key lending revenue weakens Yahoo Finance
- Bank of America Losses on Bond Portfolio Hit $109 Billion in First Quarter as Rates Rose Barron's
- Bank of America tops estimates on better-than-expected interest income, investment banking CNBC
- Bank of America Earnings Drop, Under Pressure From Higher Rates; Stock Falls The Wall Street Journal
Reading Insights
Total Reads
0
Unique Readers
1
Time Saved
0 min
vs 1 min read
Condensed
25%
84 → 63 words
Want the full story? Read the original article
Read on Bloomberg