Bank of America profit more than doubles on reserve release boost

Bank of America Corp's profit more than doubled in the first quarter and topped Wall Street estimates as it released reserves it had set aside to cover potential coronavirus loan losses.   The second-largest U.S. bank by assets unlocked $2.

7 billion from its reserves and unveiled a $25 billion stock repurchase plan, betting on a swift economic recovery driven by rapid vaccinations.   Consumer banking revenue at the bank, however, fell 12% to $8.1 billion in the quarter ended March. Net interest income, a key measure.

This article is no longer available in our repository.

There could be multiple reasons for this.