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Banking

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.


For more information on banking and digital finance Research and Markets offers these reports:

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Global Fintech Evolution 2020 Report

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Global Fintech Evolution 2020 Report

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  • Region: Global
Global Regtech Buyer's Guide 2021

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Global Regtech Buyer's Guide 2021

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Market Trends for Orphan Assets: A Global Outlook

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Market Trends for Orphan Assets: A Global Outlook

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International Remittances and Money Transfers 2020 Report

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International Remittances and Money Transfers 2020 Report

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