Bank of America profit nearly halves as loan loss provisions soar
Reuters
Published Apr 15, 2020 07:02AM ET
Updated Apr 15, 2020 09:20AM ET
(Reuters) - Bank of America Corp (N:BAC) recorded a 48.5% fall in quarterly profit as the bank set aside $3.6 billion for potential loan losses tied to the coronavirus pandemic.
Net income applicable to common shareholders fell to $3.54 billion, or 40 cents per share, in the first quarter ended March 31 from $6.87 billion, or 70 cents per share, a year earlier.
Analysts had expected a profit of 44 cents per share, on average, according to Refinitiv data. It was not immediately clear whether the estimates were comparable.
(This story corrects to "fell" from "rose" in paragraph two.)
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Written By: Reuters
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