Bank of America earns $2.98 billion in 1Q; results miss expectations

Economic Indicators Associated Press

Bank of America returned to profitability in the first quarter, but the results came in short of some analysts' estimates.

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The consumer banking giant said Wednesday that it earned $2.98 billion after payments to preferred shareholders, compared to a loss of $514 million a year earlier.

On a per-share basis the bank earned 27 cents, compared with a loss of 5 cents a year earlier. The bank had $6 billion in legal expenses last year, causing the company to report a loss.

Bank of America's results missed expectations. Financial analysts surveyed by FactSet expected 29 cents per share, which typically excludes one-time items.

Net revenue fell to $21.2 billion compared with $22.56 billion in the same period a year earlier.