Home Latest News Bank of America gives dour economic outlook, profit falls - Reuters

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


FILE Image: A Financial institution of The us brand is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri

(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.

Reporting by Noor Zainab Hussain in Bengaluru and Imani Moise in New York Enhancing by Saumyadeb Chakrabarty and Lauren Tara LaCapra

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