Bank of America profit falls on $2B


WASHINGTON:  Bank of America Corp the second-largest US bank by assets, reported a 21% fall in quarterly profit on Wednesday, hurt mainly by a $2 billion (1.57 billion pounds) pretax impairment charge. Net income applicable to common shareholders fell to $5.27 billion, or 56 cents per share, in the third quarter ended Sept. 30, from $6.70 billion, or 66 cents per share, a year earlier.

Revenue, net of interest expense, rose slightly to $22.8 billion.  Analysts were expecting a profit of 51 cents per share and revenue of $22.79 billion, according to IBES data from Refinitiv. It was not immediately clear if the numbers were comparable to the consensus estimates.

Comments are closed.

Subscribe to Newsletter