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The logo of the Bank of America is pictured atop the Bank of America building in downtown Los Angeles November 17, 2011.
Credit: Reuters/Fred Prouser
(Reuters) – Bank of America Corp’s first-quarter profit quadrupled as expenses fell and it set aside less money to cover bad loans.
Net income rose to $ 2.62 billion, or 20 cents per share, from $ 653 million, or 3 cents per share, in the year-earlier quarter, when earnings were affected by a host of one-time items including a $ 4.8 billion charge related to the value of its debt.
(Reporting By Rick Rothacker in Charlotte, North Carolina and Tanya Agrawal in Bangalore; Editing by Supriya Kurane)
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Bank of America profit misses estimates as revenue falls
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