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4/15, 12:46 PM (Source: TeleTrader)
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BofA misses estimates with EPS of $0.40 in Q1

Bank of America Corporation said on Wednesday that its revenue in the first quarter of 2020 stood at $22.8 billion, marking a 1% decrease compared to the same period a year ago.

Meanwhile, diluted earnings per share plunged 43% year on year to $0.40, missing estimates, and net income plummeted 45% to $4 billion. The bank also noted it halted its share buyback program in order to provide additional support to the economy amid the coronavirus crisis.

"Despite increasing our loan loss reserves, we earned $4 billion this quarter, maintained a significant buffer against our most stringent capital requirement, and ended the quarter with more liquidity than when we began," CEO Brian Moynihan stated.

Bank of America shares slid 3.5% in premarket trading.

Breaking the News / NP