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Yahoo BusinessJul 16, 2020
BofA Sets Aside Billions for Soured Loans; Shares Decline
(Bloomberg) -- Bank of America Corp.'s profit slid 52% as it joined rivals in preparing for an onslaught of consumer defaults spurred by the pandemic's economic fallout.Profit at the consumer-banking unit plunged 98% as the coronavirus shuttered much of the U.S. economy and caused tens of millions of Americans to lose their jobs. The company allocated $5.1 billion for loan losses in the second quarter, the most since 2010, as Bank of America joined its biggest rivals in predicting pain to come that contrasts with stock market optimism for a quick economic rebound.Calling it "the most tumultuous period since the Great Depression," Chief Executive Officer Brian Moynihan said in a statement that "strong capital markets results provided an important counterbalance to the Covid-19-related impacts on our consumer business."With its 4,300 branches across the country, Bank of America is often seen as a bellwether for the U.S. consumer. Government stimulus measures and bank forbearance have kept some individuals and businesses afloat, but the largest U.S. lenders used the first full quarter with the pandemic to prepare for coming pain.JPMorgan Chase & Co., Wells Fargo & Co. and Citigroup Inc. set aside almost $28 billion of credit-loss provisions when they reported results earlier this week, citing a deteriorating outlook.Shares of Charlotte, North Carolina-based Bank of America slipped 3.5% to $23.75 at 7:44 a.m. in early New York trading. They had declined 30% this year through Wednesday.The bank joined other

MarketWatch MarketPulseJul 16, 2020
Bank of America profit slides as it boosts loan loss provisions, but results top estimates
Bank of America Corp. said Thursday it had net income of $3.5 billion, or 37 cents a share, in the second quarter, down from $7.3 billion, or 74 cents a share, in the year-earlier period. The number was weighed down by a $4 billion build in loan loss provisions during the coronaivirus pandemic. Revenue fell to $22.3 billion from $23.1 billion. The FactSet consensus was for EPS of 28 cents and revenue of $21.8 billion. "Strong capital markets results provided an important counterbalance to the COVID-19-related impacts on our Consumer business," Chief Executive Brian Moynihan said in a statement. Net interest income fell 11% to $10.8 billion, driven by lower interest rates. Non-interest income rose 5% to $11.5 billion, buoyed by strong capital markets results. Sales and trading revenue rose 28% to $4.2 billion, as FICC (fixed income, currencies and commodities) revenue climbed 50% to $4.2 billion and equities revenue rose 7% to $1.2 billion. Investment banking fees rose 57% to a record $2.2 billion, amid record capital raising by companies seeking to bolster liquidity during the pandemic. Shares fell 2% premarket and are down 30% in the year to date, while the S&P 500 has fallen 0.1%.

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