Bank of America quarterly profits declined by 15.8%, due to higher provisions for credit losses and declining performance in three of the four major sectors.
According to CNBC Arabia, the second largest bank in the United States in terms of assets flanked $ 1.4 billion in reserves to cover loan losses, compared to about $ 800 million a year ago. The COVID-19 pandemic has ravaged the economy.
Net interest income, a key criterion for what banks earn from their lending activities, declined 17 percent to $ 10.1 billion in the third quarter.
Net income attributable to common shareholders fell to $ 4.44 billion, or 51 cents per share, in the quarter ended September 30, from $ 5.27 billion, or 56 cents per share a year earlier .
Analysts were expecting a profit of 49 cents per share according to IB / E / S data from Refinitiv.
revenue fell 11 percent to $ 20.34 billion.
