Bank of America Profit Doubles After It Releases Reserves for Bad Loans

Bank of America Profit Doubles After It Releases Reserves for Bad Loans - WSJ

The nation’s second largest bank posted earnings of $8.05 billion in the first quarter. up sharply from a year earlier. when lenders began stockpiling rainy-day reserves at the onset of the pandemic.

Bank of America Corp. said its profit doubled in the first three months of the year after it released money that it had set aside for bad loans. The Charlotte. N.C.-based lender on Thursday posted earnings of $8.05 billion for the first quarter. That compared with $4.

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