Bank of America Posts 1Q Profit of $2.98 Billion

April 15, 2015 11:17 AM

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Bank of America returned to profitability in the first quarter as the bank was able to move forward from its legal troubles last year. However, 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 with a loss of $514 million a year earlier. Net revenue fell to $21.2 billion compared with $22.56 billion in the same period a year earlier.

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