Bank of America quarterly profit falls 4%

(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)

01/15/2020 11:55

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