Bank of America profit nearly halves as loan loss provisions soar

(Reuters) – Bank of America Corp (BAC.N) 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 rose 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.

Source: Read Full Article