UPDATE: Bank of America Posts Weak Q1 Profit

Bank of America BAC reported a rise in its first-quarter profit. The bank's quarterly profit climbed to $2.6 billion, or $0.20 per share, versus $653 million, or $0.03 per share, in the year-ago quarter. Its total revenue came in at $23.7 billion, versus $22.5 billion. However, analysts were expecting earnings of $0.22 per share on revenue of $23.26 billion. Bank of America shares fell 3.18% to $11.89 in pre-market trading.