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Analysts are expecting earnings per share of $0.29 and revenue of $21.6 billion.
In the same quarter last year, the bank reported adjusted earnings per share of $0.35 and revenue of $22.8 billion.
Last quarter, BofA saw a dip in quarterly profits, including a $397 million loss in its real estate division and a net loss of $72 million in trading revenues.
The bank also spent $393 million on legal expenses last quarter.
Goldman Sachs and Citigroup will report their Q1 earnings on Thursday.