BofA Swings to Loss

By Saabira Chaudhuri 

Bank of America Corp. swung to a first-quarter loss as the bank's revenue declined.

Charlotte-based Bank of America reported a loss of $276 million versus a profit of $1.48 billion for the first quarter of 2013. Among other items, the quarter's results include a previously disclosed pretax charge of 21 cents a share tied to a $9.5 billion settlement over mortgage securities sold to Fannie Mae and Freddie Mac.

On a per-share basis, Bank of America reported a loss of five cents, compared with 10 cents a year earlier.

Revenue slipped to $22.57 billion. Analysts polled by Thomson Reuters had expected revenue of $22.33 billion.

The results come as the lender has been working to eliminate the distraction of crisis-era issues and focus its efforts on reining in costs and improving efficiency. Bank of America showed progress in these efforts last year, reporting revenue increases in all five of its major business units. Still, the bank remains heavily exposed to the rise in interest rates that has buffeted the mortgage business across the U.S.

Write to Saabira Chaudhuri at [e-mail]

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