Bank of America and PNC Financial Services reported declines in their first-quarter profits due to various financial pressures. Bank of America's profit fell by 18% as it faced a $700 million FDIC special assessment expense and increased provisions for credit losses, totaling $1.3 billion for the quarter. The bank also saw a decrease in income from customer interest payments and higher expenses related to charge-offs and customer credit card delinquencies. Similarly, PNC's profit decreased by 21%, primarily due to lower interest income as the bank paid more to hold customer deposits in a high-interest environment.
Bank of America profits fall on loan losses https://t.co/aEgMRRhltL
Bank of America's Q1 profits fall 18% on higher expenses, charge-offs https://t.co/HevrHB9Nix https://t.co/1heRci1eT8
Bank of America profits plunge 18% due to rise in customer credit card delinquencies - as company prepares for MORE Americans to miss payments amid red-hot inflation https://t.co/isoZAHAcoq https://t.co/y7Ty7LilXY
PNC profit falls 21% amid weaker interest income https://t.co/fj61i5vny3 https://t.co/ncy1EDxM5F
Bank of America’s first-quarter profit falls on lower customer interest payments https://t.co/iT4bZ1mRni
Bank of America profits drop as key lending revenue weakens https://t.co/FuSx1QgfOT by @DsHollers
Bank of America profit falls on lower customer interest payments https://t.co/Ns4vZabVBy https://t.co/yKRPBKGSqR
⚠️ PNC PROFIT FALLS 21% AMID WEAKER INTEREST INCOME Full Story → https://t.co/7xWUn2ZOeu PNC Financial Services reported a 21% fall in first-quarter profit on Tuesday, hurt by lower interest income as the lender paid more to hold customer deposits in a high interest rate… https://t.co/8dmQ9ZmxAq
BANK OF AMERICA CORP - RESULTS INCLUDE FDIC SPECIAL ASSESSMENT EXPENSE OF $700 MILLION (PRETAX || QTRLY PROVISION FOR CREDIT LOSSES OF $1.3 BILLION, UP FROM $1.1 BILLION IN Q4-23 AND $931 MILLION IN Q1-23
⚠️ BANK OF AMERICA PROFIT FALLS ON LOWER CUSTOMER INTEREST PAYMENTS Full Story → https://t.co/omtCpLCOvQ Bank of America's profit fell as the lender earned less from customer interest payments. https://t.co/j2K4I3gLUi