Bank of America's Q1 profits fall 18% on higher expenses, charge-offs
The bank's net interest yield, which is a measure of how much the bank is earning on the loans it has versus the interest it needs to pay out to depositors, dropped from 2.20% in 2023 to 1.99% in 2024.
In BofA's consumer banking division, its largest by revenue and profits, revenue fell by 5% to $10.2 billion. Image: Reuters