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Bank Of America Posts $4.9 Billion Profit, Down 16% From Last Year As Big Banks Look Towards Recovery

Topline

 Bank of America posted mixed results on Wednesday morning for the third quarter, beating analysts expectations on profits but falling behind on revenue expectations. 

Key Facts

Bank of America pulled in $4.9 billion in profit in Q3, up 38% from the prior quarter but down 16% from the same quarter in 2019. 

Revenue clocked in at $20.3 billion, down 11% from the same quarter last year. 

The bank said it added another $1.4 billion to its credit loss provisions to help cover bad commercial loans during the coronavirus crisis—the new provision is far less than what it put aside during the early days of the crisis. 

Shares of the bank fell more than 2% in premarket trading, and are down 13.7% for the year.

Crucial Quote

“As the economy continued to recover, we generated nearly $5 billion in earnings this quarter, reflecting the diversity of our business model, our industry-leading market position and digital capabilities, and our adherence to responsible growth,” CEO Brian Moynihan said in a statement. 

Further Reading 

Citigroup Pulls In $3.2 Billion In Profit As Banks Beat Expectations (Forbes)

JPMorgan, Nation’s Largest Bank, Posts $9.4 Billion Profit–Shattering Wall Street Expectations Despite Pandemic (Forbes)

Dillard’s Stock Skyrockets 30% After Warren Buffett’s Deputy Discloses 6% Personal Investment (Forbes)

77% Of Economic Activity Lost To Social Distancing Is Back, But An Economic Recovery Still Depends On A Vaccine (Forbes)

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