Bank of America Corp. he said Thursday that his profit doubled in the first three months of the year.
The Charlotte, NC-based lender made $ 8.05 million in profits in the first quarter. This compared to $ 4.01 million the previous year, when banks made big gains on their profits by starting to store rainy day reserves at the start of the pandemic.
The bank earned 86 cents a share, surpassing the 66 cents forecast in a FactSet analyst survey.
The gains of the larger banks have reflected intense optimism about an economic rebound. JPMorgan Chase & Co. and Wells Fargo & Co. they said Wednesday that they both released the money they had accumulated last year to cover the delinquency of the loans.
Bank of America said it released $ 2.7 billion from its reserves, increasing its end result. Expenditures were reduced compared to the previous year.