UPDATE 1-Bank of America reports lower first-quarter profit
* Q1 EPS 3 cents vs. 17 cents a year earlier
* Accounting charges lower earnings
April 19 (Reuters) - Bank of America Corp on Thursday reported a drop in first-quarter profits as the second-largest U.S. bank took accounting charges related to its debt.
Bank of America said net income was $653 million, or 3 cents a share, in the quarter, compared with $2.05 billion, or 17 cents per share, in the same period a year earlier.
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