Bank of America reports first-quarter 2024 adjusted net income of $7.2 billion, or $0.83 per share, compared with $0.94 a year earlier, partly under the weight of higher credit loss provisions, at $1.3 billion.

Revenues net of interest expense fell by 2% to $25.8 billion, with higher commissions in investment banking and asset management, as well as sales and trading revenues, but lower net interest income.

The banking group's non-interest expenses rose by 6% to $17.2 billion, but excluding the special FDIC (Federal Deposit Insurance Corporation) assessment, were up by only 2%.

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