Bank of America's profit soars, but revenue dips

FILE- In this Monday, Jan. 7, 2013 file photo, people pass a Bank of America branch in New York. Bank of America Corp. reports quarterly financial results before the market opens on Wednesday, April 17, 2013. (AP Photo/Richard Drew, File)
Richard Drew

NEW YORK Bank of America's (BAC) profit soared in the first quarter, helped by mortgages and wealth management. But revenue fell and profits missed expectations.

The Charlotte, N.C., bank reported earnings available to common shareholders of $2.3 billion in the first quarter. That's up nearly seven times from earnings of $328 million a year ago.

Its earnings per share amounted to 20 cents. That missed the expectations of analysts polled by FactSet, who had expected 22 cents per share.

Revenue was $23.9 billion after stripping out an accounting charge. That was down 8 percent from last year, but it beat analysts' expectations of $23.3 billion.

Shares of the nation's second-largest bank by assets fell 40 cents, or 3.3 percent, to $11.88 in premarket trading.