Bank Of America First-Quarter Profit, Revenue Grow, But Both Miss Street View

 @MikeObelm.obel@ibtimes.com
on April 17 2013 8:02 AM

Bank of America Corp (NYSE:BAC), the second-largest U.S. bank, said Wednesday its first-quarter profit and revenue rose but both missed analyst expectations.

The bank, which is the last of the country’s four biggest financial institutions to report results, said net income quadrupled to $2.62 billion, or 20 cents a share, up from $653 million, or three cents a share a year earlier, as expenses fell and it set aside less money to cover bad loans. Total adjusted revenue fell 8.4 percent, to $23.5 billion.

Analysts polled by Thomson Reuters I/B/E/S expected, on average, earnings of 22 cents a share and revenue of $23.41 billion.

Shares of the Charlotte, N.C., bank fell 2.8 percent, or 34 cents, to $11.94 in premarket trading. In midday trading, shares continued to fall and recently were down 5.3 percent, or 65 cents, to $11.63.

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