BofA reports loss

Bank of America Corp reported a net loss attributable to shareholders of $514 million, or 5 cents per share, in the three months to March 31 compared with a profit of $1.11 billion, or 10 cents per share, a year earlier. The previous quarter's results were hit by $1.6 billion in charges related to disputes with bond insurers.

Analysts on average had expected earnings of 5 cents per share, according to Thomson Reuters I/B/E/S.

BofA's shares, which have risen 5.3 percent so far this year, were down nearly 2 percent at $16.10 in premarket trading.

Revenue fell 3.8 percent to $22.66 billion, excluding accounting adjustments, but beat the average analyst estimate of $22.33 billion.

Bank of America is coming off its best year since before the financial crisis, with 2013 net income of $11.4 billion the highest since 2007. But large legal bills continue to overshadow the performance of many of its main businesses.