Bank of America profit falls as consumer banking business falters | Malay Mail

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CHARLOTTE, Jan 19 — Bank of America Corp posted a drop in fourth-quarter profit today as historically low interest rates hurt its consumer banking business. Net income applicable to common shareholders fell to US$5.21 billion (RM21 billion), or 59 cents per share, for the quarter ended December...

The second-largest US bank by assets, seen as an economic bellwether, reported a 13 per cent fall in consumer banking revenue to US$8.2 billion, citing lower rates and a fall in credit card activity. — Reuters pic

Net income applicable to common shareholders fell to US$5.21 billion , or 59 cents per share, for the quarter ended December 31 from US$6.75 billion, or 74 cents per share, a year earlier. The second-largest US bank by assets, seen as an economic bellwether, reported a 13 per cent fall in consumer banking revenue to US$8.2 billion, citing lower rates and a fall in credit card activity

 

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