Bank of America profit falls on Covid-19 pandemic woes

Bank of America Corp reported a 15.8 per cent drop in quarterly profit on Wednesday, hit by higher provisions for credit losses due to the Covid-19 pandemic.

Net income applicable to common shareholders fell to $4.44 billion, or 51 cents per share, in the third quarter ended September 30, from $5.27 billion, or 56 cents per share, a year earlier.

Analysts had expected a profit of 49 cents per share, according to IBES data from Refinitiv. It was not immediately clear if the estimates were comparable.