BofA posts $4B Q1 profit, builds funds anticipating bad loans

BANK OF AMERICA posted a $4 billion profit in the first quarter of 2020, reflecting a sharp increase in funds set aside for bad loans. AP FILE PHOTO/STEVEN SENNE
BANK OF AMERICA posted a $4 billion profit in the first quarter of 2020, reflecting a sharp increase in funds set aside for bad loans. AP FILE PHOTO/STEVEN SENNE
PROVIDENCE - Bank of America Corp. reported a 45% drop in first-quarter earnings driven by a new $3.6 billion reserve build for bad loans under the new coronavirus, the company announced on Wednesday. The North Carolina-based bank, which has the second-highest share of deposits in Rhode Island, brought in $4 billion in profits in the…

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