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Bank of America profit nearly halves as loan loss provisions soar

Published 04/15/2020, 07:02 AM
Updated 04/15/2020, 09:20 AM
© Reuters. FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City

(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.

© Reuters. FILE PHOTO: A Bank of America logo is pictured in the Manhattan borough of New York City

(This story corrects to "fell" from "rose" in paragraph two.)

Latest comments

Is share price will go up today??
ofc share price up, but bank is going down , brcauss that loans are almost dead loans, mobody will pay them. only trump with printed "fake" dollars.
I dont why the market soar recently Now, we will see the true value of stock
when
 An artificial system needs to be pumped up.  Countries being propped up by governments around the world.
it is all pumped up by money magic governments legislate all over the world now. but, eventually, without making about 1 GDP worth on money (hyper inflation at that point) the house of cards will collapse and that's that. I have no idea (well, obviously to preserve their personal and their rich friends wealth) why they're fighting it. they will still hold top 90% of wealth in this country with Dow at 30k or 1k
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