Bank of America Corp, the second- biggest US bank, said profit declined 43 per cent as it spent $4 billion to cover litigation costs, including a mortgage settlement with American International Group Inc.
Net income fell to $2.29 billion in the second quarter, or 19 cents a share, from $4.01 billion, or 32 cents, a year earlier, the Charlotte, North Carolina-based lender said on Wednesday in a statement. Earnings excluding litigation costs were 41 cents a share, 12 cents more than the average estimate of 24 analysts surveyed by Bloomberg.
Revenue in the quarter dropped 4.3 percent to $22 billion as expenses climbed 16 per cent to $18.5 billion because of the litigation costs.
Net income fell to $2.29 billion in the second quarter, or 19 cents a share, from $4.01 billion, or 32 cents, a year earlier, the Charlotte, North Carolina-based lender said on Wednesday in a statement. Earnings excluding litigation costs were 41 cents a share, 12 cents more than the average estimate of 24 analysts surveyed by Bloomberg.
Revenue in the quarter dropped 4.3 percent to $22 billion as expenses climbed 16 per cent to $18.5 billion because of the litigation costs.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%