Bank of America said its first-quarter profits fell 18%, as the bank dealt with higher expenses due to the impact of higher interest rates.
FILE - This Tuesday, Jan. 14, 2014, file photo shows a Bank of America sign in Philadelphia. Bank of America said, Tuesday, April 16, 2024, its first-quarter profits fell 18%, as the bank dealt with higher expenses due to the impact of higher interest rates. – Bank of America said its first-quarter profits fell 18%, as the bank dealt with rising expenses due to the impact of higher interest rates. But the results beat analysts' estimates.
The bank is also paying more on deposits, which has caused its profits to be squeezed slightly. The bank's net interest yield, which is a measure of how much the bank is earning on the loans it has versus the interest it needs to pay out to depositors, dropped from 2.20% in 2023 to 1.99% in 2024.
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