Bank of America Q1 Profit Falls 13% on Weak Trading (BAC)

Shares of Bank of America Corporation (BAC), the second-biggest U.S. lender by assets, are trading more than 1% lower than the pre-market session Thursday, after the bank reported a 13% year-over-year decline in the first-quarter profits, owing to weak trading and underwriting revenue.

Combined with a 30% rise in provisions for credit losses, mostly tied to risky energy loans, the Charlotte, NC-based bank earned $2.68 billion, or 21 cents a share in the quarter that ended March, down from $3.1 billion, or 25 cents a year earlier. On an adjusted basis, when taking out one-time gains and costs, earnings came to 20 cents per share, a penny shy of consensus estimates of 21 ... READ MORE