Bank of America Q1 profits fall 12%, much less than rivals

By KEN SWEET
AP Business Writer

NEW YORK (AP) — Bank of America posted a 12% decline in first-quarter profits from a year earlier, a decline that was much less than the ones its rivals had reported the previous week. The nation’s second-largest bank was helped by higher net interest income and modest exposure to Russian assets. The Charlotte, North Carolina-based bank said it earned of $7.1 billion, or 80 cents a share, compared with $8.05 billion, or 86 cents a share, in the same period a year earlier. The results were better than what analysts had forecasted, according to FactSet.