Profits jump at Bank of America

<p>Bank of America has announced a rise in profits.</p>

The share price of Bank of America is down today (April 17th) despite the news that there has been a sharp rise in profits for the bank.

It reported first quarter net income of $2.3 billion (£1.5 billion), which is up from the $328 billion recorded in the same period last year.

However, the bank's profits still fell below the expectations of analysts and its share price dipped by more than four per cent on the back of the news.

The bank's chief executive, Brian Moynihan, proclaimed himself pleased with the performance of Bank of America over the course of the last three months.

"Our strategy of connecting our customers to all we can do for them is working," he said.

At 16:19 BST, shares in Bank of America were trading at 11.73 on the Nasdaq exchange in the US, which is a 4.48 per cent dip on the start of the day.

However, its stocks are still close to the firm's 52-week high of 12.94.

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