(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.
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