Bank of America profit falls on $2 bln impairment charge
Reuters
Published Oct 16, 2019 12:16
Bank of America profit falls on $2 bln impairment charge
(Reuters) - Bank of America Corp (N:BAC), the second-largest U.S. bank by assets, reported a 21% fall in quarterly profit on Wednesday, hurt mainly by a $2 billion (1.57 billion pounds) pretax impairment charge.
Net income applicable to common shareholders fell to $5.27 billion, or 56 cents per share, in the third quarter ended Sept. 30, from $6.70 billion, or 66 cents per share, a year earlier.
Revenue, net of interest expense, rose slightly to $22.8 billion.
Analysts were expecting a profit of 51 cents per share and revenue of $22.79 billion, according to IBES data from Refinitiv. It was not immediately clear if the numbers were comparable to the consensus estimates.
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Written By: Reuters
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