Bank of America profit falls on lower customer interest payments
by Yahoo Finance
Yahoo Finance— BofA is among the large lenders, including rival JPMorgan, that are weighing the potential for the U.S. Federal Reserve to cut interest rates this year. The move could crimp banks' income from interest payments, but could potentially spur economy activity and borrower demand. BofA's net interest income (NII) -- the difference between what it earns on loans and pays for deposits -- slid 3% to $14 billion in the quarter due to higher deposit costs and modest loan growth.
Daily Mail—Bank of America profits plunge 18% due to rise in customer credit card delinquencies. The bank set aside more money to cover souring loans from consumers. Profit fell to $6.67 billion in the first quarter of this year, Bank of America said. America's combined household debt shot up to $17.5 trillion at the end of 2023
The Hill—Bank of America’s 1Q profits fall 18% on higher expenses, charge-offs. 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’ esti
CNBC—Bank of America tops estimates on better-than-expected interest income, investment banking. Will Bank of America follow rivals in posting better-than-expected Wall Street revenue?