NEW YORK — Bank of America’s profit soared in the first quarter, helped by mortgages and wealth management. But revenue fell and profits missed expectations.
The Charlotte, N.C., bank reported earnings available to common shareholders of $2.3 billion in the first quarter. That’s up nearly seven times from earnings of $328 million a year ago.
Revenue was $23.9 billion after stripping out an accounting charge. That was down 8 percent from last year, but it beat analysts’ expectations of $23.3 billion.
Read tomorrow's Arkansas Democrat-Gazette for full details.