Bank of America quarterly profit falls 4%

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Jan 15, 2020 #America, #Americas, #BANK, #Company News, #Content produced in Bangalore, #Corporate Events, #Debt / Fixed Income Markets, #Equities Markets, #Europe, #Financials (Legacy), #Financials (TRBC), #Funds, #Initial Public Offerings, #Major News, #of, #Performance / Results / Earnings, #RESULTS, #Results Forecasts / Warnings, #united states, #US

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FILE PHOTO: A Bank of America building is seen in Los Angeles, California, U.S., May 6, 2019. REUTERS/Lucy Nicholson

(Reuters) – Bank of America Corp posted a 4.1% fall in quarterly profit on Wednesday, as lower interest rates crimped the second-biggest U.S. lender’s ability to earn more from loans.

Net income applicable to common shareholders fell to $6.75billion, or 74 cents per share, in the fourth quarter ended Dec 31 from $7.04 billion, or 70 cents per share, a year earlier.

Revenue, net of interest expense, fell slightly to $22.35 billion.

Reporting by Bharath Manjesh in Bengaluru; Editing by Anil D’Silva

Our Standards:The Thomson Reuters Trust Principles.

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