Bank of America gives dour economic outlook, profit falls – Reuters

(Reuters) – Bank of The united states Corp (BAC.N) recorded a 48.five% tumble in quarterly revenue as the lender established aside $3.6 billion for prospective mortgage losses tied to the coronavirus pandemic.

Internet money applicable to prevalent shareholders rose to $3.fifty four billion, or forty cents for every share, in the very first quarter ended March 31 from $six.87 billion, or 70 cents per share, a calendar year before.

Analysts experienced predicted a income of forty four cents per share, on regular, in accordance to Refinitiv facts. It was not straight away obvious no matter if the estimates were comparable.