Bank of America profit drops 18 percent on weak trading unit

NEW YORK (AP) -- Bank of America's first-quarter profit fell more than 18 percent from a year earlier, hurt by weak performance in its global trading unit.

The bank reported a profit after payment of dividends to preferred shareholders of $2.22 billion in the quarter ending in March, or 21 cents per share. That's compared to a profit of $2.72 billion, or 25 cents per share, in the same period a year ago.

The results met the expectations of Wall Street analysts, according to FactSet.

BofA's revenue in the quarter was $19.51 billion, down 6.6 percent from $20.91 billion the year before.

Shares of Bank of America Corp., based in Charlotte, North Carolina, rose less than 1 percent before the stock market opened Thursday.
 

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