Bank of America profit falls on US$2b impairment charge

NEW YORK, Oct 16 — Bank of America Corp, the second-largest US bank by assets, reported a 21 per cent fall in quarterly profit today, hurt mainly by a US$2 billion (RM8.4 billion) pretax impairment charge.

Net income applicable to common shareholders fell to US$5.27 billion, or 56 cents per share, in the third quarter ended September 30, from US$6.70 billion, or 66 cents per share, a year earlier.

Revenue, net of interest expense, rose slightly to US$22.8 billion.

Analysts were expecting a profit of 51 cents per share and revenue of US$22.79 billion, according to IBES data from Refinitiv. It was not immediately clear if the numbers were comparable to the consensus estimates. — Reuters