{"id":35455,"date":"2020-10-14T16:39:34","date_gmt":"2020-10-14T12:39:34","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=35455"},"modified":"2020-10-14T16:39:36","modified_gmt":"2020-10-14T12:39:36","slug":"bank-of-america-profit-falls-on-higher-provisions","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/bank-of-america-profit-falls-on-higher-provisions\/10\/14\/market-updates\/","title":{"rendered":"Bank of America Profit Falls on Higher Provisions"},"content":{"rendered":"\n<p>Bank of America announced on Wednesday a 15.8% drop in quarterly profits, as it was hit by higher provisions for credit losses and declining performance in three of the four major sectors.<\/p>\n\n\n\n<p>The second-largest bank in the United States by assets set aside $ 1.4 billion in reserves to cover loan losses, compared with nearly $ 800 million a year ago, as the Covid-19 pandemic ravages the economy.<\/p>\n\n\n\n<p>Net interest income, a key measure of what banks earn from their lending activities, fell 17% to $ 10.1 billion in the third quarter.<\/p>\n\n\n\n<p>Net income attributable to common shareholders fell to $ 4.44 billion, or 51 cents a share, in the quarter ended September 30, from $ 5.27 billion, or 56 cents a share, a year earlier.<\/p>\n\n\n\n<p>Analysts had expected a profit of 49 cents a share, according to I \/ B \/ E \/ S data from Refinitiv.<\/p>\n\n\n\n<p>Revenue fell 11% to $ 20.34 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bank of America announced on Wednesday a 15.8% drop in quarterly profits, as it was hit by higher provisions for credit losses and declining performance in three of the four major sectors. The second-largest bank in the United States by assets set aside $ 1.4 billion in reserves to cover loan losses, compared with nearly &hellip;<\/p>\n","protected":false},"author":9,"featured_media":35456,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[36],"tags":[7186,7234],"class_list":["post-35455","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-market-updates","tag-america","tag-of"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/35455","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=35455"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/35455\/revisions"}],"predecessor-version":[{"id":35457,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/35455\/revisions\/35457"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/35456"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=35455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=35455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=35455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}