Bank of America profit doubles in first quarter

Bank of America said Thursday that its profits doubled in the first quarter as the improving economy allowed it to release billions from its loan-loss reserves that it originally set aside in the early days of the pandemic. The North Carolina-based banking giant earned $8.1 billion in the quarter, equal to 86 cents per share, compared to a profit of $4.01 billion, or 40 cents a share, in the same period a year earlier. Analysts were looking for BofA to earn 66 cents a share. The bank had a net one-time gain of $1.86 billion for releasing loans from its loan-loss reserves.