Bank of America Corp. said on Thursday that its profit doubled in the first three months of the year.
The lender in Charlotte, NC, posted earnings of $ 8.05 billion in the first quarter. This is compared to $ 4.01 billion a year earlier, when banks were very successful in their earnings to start storing reserves from rainy days at the beginning of the pandemic.
The bank made 86 cents a share, exceeding 66 cents forecast in a FactSet survey of analysts.
Earnings from the largest banks reflected increased optimism about an economic recovery. JPMorgan Chase & Co. and Wells Fargo & Co. they said on Wednesday that they both released the money they put in last year to cover the implications of the large-scale loans.
Bank of America said it released $ 2.7 billion from its reserves, boosting its results. Compensation fell from a year earlier.