Bank of America: quarterly EPS halved, but beats estimates

(CercleFinance.com) - Bank of America has reported a 52% drop in Q2 2020 net income to 3.
5 billion dollars, or EPS of 37 cents, which still beat the consensus by ten cents.

Revenue, net of interest expense fell 3% to 22.3 billion dollars, with an 11% decline in net interest income due to lower interest rates, partially offset by growth in loans and deposits.

The group based in Charlotte, North Carolina, added that its provisions for credit losses increased to 5.1 billion dollars, from 0.9 billion dollars a year ago, driven by a 4 billion dollar reserve build.


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