Bank of America profit falls on pandemic woes

In this news, we discuss the Bank of America profit falls on pandemic woes.

(Reuters) – Bank of America Corp. BAC.N on Wednesday announced a 15.8% drop in quarterly profit, hit by an increase in provisions for credit losses due to the COVID-19 pandemic.

Net income applicable to common shareholders fell to $ 4.44 billion, or 51 cents per share, in the third quarter ended September 30, from $ 5.27 billion, or 56 cents per share, a year earlier.

Analysts had expected earnings of 49 cents per share, according to IBES data from Refinitiv. It was not immediately clear whether the estimates were comparable.

Reporting by Niket Nishant in Bengaluru and Imani Moise in New York; Edited by Sriraj Kalluvila

Original © Thomson Reuters

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