Bank of America Posts Drop in First-Quarter Profit

Tiger Newspress2022-04-18

Bank of America reported a fall in first-quarter profit on Monday, as a slowdown in global deal-making weighed on its investment banking businesses.

Big U.S. banks benefited from a deal-making boom last year after the Federal Reserve pumped liquidity into capital markets to mitigate the economic impact of the COVID-19 pandemic.

This year, however, investment banking revenue have taken a hit as companies delayed takeovers and stock market listings amid a surge in volatility in equity markets.

The second-largest U.S. bank by assets released $362 million from its reserves that it had set aside for bad loans.

The bank reported a 9% rise in consumer banking revenue to $8.8 billion in the quarter ended March.

Profit applicable to common shareholders fell to $6.6 billion, or 80 cents per share, for the quarter ended March 31 from $7.56 billion, or 86 cents per share, a year earlier.

Analysts on average had expected a profit of 75 cents per share, according to the IBES estimate from Refinitiv.

Shares of Bank of America rose 0.35% in premarket trading.

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Comments

Emblem
2022-04-19
Emblem
Noted
KLIM
2022-04-19
KLIM
OK
SKCraft
2022-04-18
SKCraft
Waiting price to retreat some more to increase my holding
lololol13
2022-04-18
lololol13
Still believe in bank stocks
Skang2
2022-04-18
Skang2
I still believe in BAC & JPM. Stock drops, collect dividend. Shares up, bonus to be one of Warren'spartner holding [Miser] [Miser]
Furore
2022-04-18
Furore
Seems like almost every US security I invest in just keeps falling. Makes me wonder if I should have just stuck to SG stocks instead lol.

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price to retreat some more to increase my holding","listText":"Waiting price to retreat some more to increase my holding","text":"Waiting price to retreat some more to increase my holding","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9088009898","repostId":1123961039,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9081759225,"gmtCreate":1650283736559,"gmtModify":1676534685892,"author":{"id":"3583916713249739","authorId":"3583916713249739","name":"lololol13","avatar":"https://community-static.tradeup.com/news/7f37b3b51c631ccbedbe01fdda7adf7d","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3583916713249739","authorIdStr":"3583916713249739"},"htmlText":"Still believe in bank stocks","listText":"Still believe in bank stocks","text":"Still believe in bank stocks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9081759225","repostId":1123961039,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9081768111,"gmtCreate":1650281589983,"gmtModify":1676534685378,"author":{"id":"3572049851904467","authorId":"3572049851904467","name":"Skang2","avatar":"https://community-static.tradeup.com/news/e8fc691449cb7b6e580e90f729a071ec","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":2,"crmLevelSwitch":1,"idStr":"3572049851904467","authorIdStr":"3572049851904467"},"htmlText":"I still believe in&nbsp;BAC &amp; JPM. Stock drops, collect dividend. Shares up, bonus to be one of Warren'spartner holding&nbsp;[Miser]&nbsp;[Miser]&nbsp;","listText":"I still believe in&nbsp;BAC &amp; JPM. Stock drops, collect dividend. Shares up, bonus to be one of Warren'spartner holding&nbsp;[Miser]&nbsp;[Miser]&nbsp;","text":"I still believe in BAC & JPM. Stock drops, collect dividend. Shares up, bonus to be one of Warren'spartner holding [Miser] [Miser]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9081768111","repostId":1123961039,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9081788315,"gmtCreate":1650280497388,"gmtModify":1676534685120,"author":{"id":"4101543957382650","authorId":"4101543957382650","name":"Furore","avatar":"https://static.tigerbbs.com/78b52ae6486c5cd5de4a931acecdb214","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":2,"crmLevelSwitch":1,"idStr":"4101543957382650","authorIdStr":"4101543957382650"},"htmlText":"Seems like almost every US security I invest in just keeps falling.&nbsp;Makes me wonder if I should have just stuck to SG stocks&nbsp;instead lol.","listText":"Seems like almost every US security I invest in just keeps falling.&nbsp;Makes me wonder if I should have just stuck to SG stocks&nbsp;instead lol.","text":"Seems like almost every US security I invest in just keeps falling. Makes me wonder if I should have just stuck to SG stocks instead lol.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9081788315","repostId":1123961039,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":55,"commentSize":10,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1123961039"}