Bank of America saw its overall profits drop by nearly 20 percent year over year due, it claimed, to higher expenses connected to higher interest rates. They posted a profit of $6.67 billion, which is down from $8.2 billion from the same quarter last year.
Excerpt from www.wdtn.com
NEW YORK (AP) — Bank of America said its first-quarter profits fell 18%, as the bank dealt with rising expenses due to the impact of higher interest rates. But the results beat analysts’ estimates.
The Charlotte, North Carolina-based bank posted a profit of $6.67 billion, or 76 cents per share, compared with $8.2 billion, or 94 cents a share, in the same period a year earlier. BofA had to make a one-time $700 million payment to the Federal Deposit Insurance Corp. to help the agency replenish the deposit insurance fund.