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BOFA SHARES DROP AS CHARGE-OFFS FOR SOURED LOANS TOP ESTIMATES

 * Equities-trading revenue climbed 15% in first quarter
 * Net interest income also higher than analysts’ estimates

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By Katherine Doherty
April 16, 2024 at 1:04 PM GMT+2
Updated on
April 16, 2024 at 4:39 PM GMT+2
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Bank of America Corp. reported elevated expenses and charge-offs for soured
loans that were higher than analysts expected, failing to satisfy investors with
a gain in its trading business.

Charge-offs totaled $1.5 billion, up 26% from the last three months of 2023,
Bank of America said in a statement Tuesday. That was more than the $1.26
billion analysts had estimated. An increase in charge-offs on credit cards is
largely a hangover from the previous quarter and is flattening out, Chief
Financial Officer Alastair Borthwick said.

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