Bank of America Releases COVID Stash, Doubles Profits
With the pandemic economic crisis fading, Bank of America said it had released $2.7 billion of the cash it had socked away last year for possible losses. The move doubled its first-quarter profits — from $4.01 billion in 2020 to $8.05 billion.
Consumers’ increasing use of digital banking was a key driver of the bank’s growth; active digital banking users hit 40.3 million, up 3 percent in the first quarter. The company added that digital sales were nearly half, 49 percent, of all “consumer banking sales.” This continued growth included an outsized 2.6 billion digital logins in the first quarter of 2021.
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