FILE PHOTO: A Financial institution of America ticket is pictured within the The enormous apple borough of Recent York Metropolis, Recent York, U.S., January 30, 2019. REUTERS/Carlo Allegri
(Reuters) – Financial institution of America Corp (BAC.N) recorded a 48.5% tumble in quarterly profit as the bank location aside $3.6 billion for doable loan losses tied to the coronavirus pandemic.
Fetch earnings acceptable to classic shareholders rose to $3.54 billion, or 40 cents per share, within the first quarter ended March 31 from $6.87 billion, or 70 cents per share, a 12 months earlier.
Analysts had expected a profit of 44 cents per share, on practical, based completely on Refinitiv data. It became once no longer straight away decided whether the estimates were similar.
Reporting by Noor Zainab Hussain in Bengaluru and Imani Moise in Recent York; Editing by Saumyadeb Chakrabarty and Lauren Tara LaCapra
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