Bank of America: Q1 Earnings Snapshot

CHARLOTTE, N.C. (AP) — CHARLOTTE, N.C. (AP) — Bank of America Corp. (BAC) on Tuesday reported first-quarter profit of $7.4 billion.

The Charlotte, North Carolina-based company said it had earnings of 90 cents per share.

The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 81 cents per share.

The nation's second-largest bank posted revenue of $46.99 billion in the period. Its revenue net of interest expense was $27.37 billion, also topping Street forecasts. Six analysts surveyed by Zacks expected $26.86 billion.

Bank of America shares have fallen 17% since the beginning of the year, while the S&P's 500 index has increased 13%. The stock has increased 2.5% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BAC at https://www.zacks.com/ap/BAC