CHARLOTTE, N.C. (AP) 鈥� Bank of America Corp. (BAC) on Wednesday reported first-quarter earnings of $8.58 billion.
The Charlotte, North Carolina-based company said it had earnings of $1.11 per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $1 per share.
The nation’s second-largest bank posted revenue net of interest expense of $30.27 billion, also exceeding Street forecasts. Four analysts surveyed by Zacks expected $29.94 billion.
Bank of America shares have dropped 3% since the beginning of the year, while the S&P’s 500 index has risen almost 2%. The stock has climbed 45% in the last 12 months.
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