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BW Businessworld

Bank Of America Profit Falls On Pandemic Woes

Net income applicable to common shareholders fell to $4.44 billion, or 51 cents per share, in the third quarter ended Sept. 30, from $5.27 billion, or 56 cents per share, a year earlier.

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 Bank of America Corp reported a 15.8% drop in quarterly profit on Wednesday, hit by higher provisions for credit losses due to the COVID-19 pandemic.

Net income applicable to common shareholders fell to $4.44 billion, or 51 cents per share, in the third quarter ended Sept. 30, from $5.27 billion, or 56 cents per share, a year earlier.

Analysts had expected a profit of 49 cents per share, according to IBES data from Refinitiv. It was not immediately clear if the estimates were comparable.

(Reuters)


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