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Bank of America misses Street 1Q forecasts

CHARLOTTE, N.C. (AP) _ Bank of America Corp. (BAC) on Thursday reported first-quarter profit of $2.68 billion.

The bank, based in Charlotte, North Carolina, said it had earnings of 21 cents per share.

The results missed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 22 cents per share.

The nation’s second-largest bank posted revenue of $19.51 billion in the period, which also did not meet Street forecasts. Seven analysts surveyed by Zacks expected $20.48 billion.

Bank of America shares have declined 18 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed nearly 2 percent. The stock has fallen 13 percent in the last 12 months.

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