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

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

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.