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Monday April 18, 07:46
Bank of America first-quarter profit rocketed 75%
(by Mark Riley)

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Bank of America first-quarter profit rocketed 75% Bank of America Corp., the third- largest U.S. bank, reported on Monday that its first-quarter profit rocketed 75% to a new record.

Profit rallied $4.7 billion, or $1.14 per share, from $2.68 billion, or 91 cents, last year.

Profit from operations rose to $1.16 per share from $0.91 in the same quarter last year. Analysts were expecting $0.97.

Profit from investment banking activity rallied 59% to $721 million. Revenue from underwriting rose 21% to $2.6 billion.

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