Bank of America profit falls as consumer banking business falters

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REUTERS: Bank of America posted a drop in fourth-quarter profit on Tuesday (Jan 19) as historically low interest rates hurt its consumer banking ...

REUTERS: Bank of America posted a drop in fourth-quarter profit on Tuesday as historically low interest rates hurt its consumer banking business.

Net income applicable to common shareholders fell to US$5.21 billion, or 59 cents per share, for the quarter ended Dec 31 from US$6.75 billion, or 74 cents per share, a year earlier.Analysts on average had expected a profit of 55 cents per share, according to the IBES estimate from Refinitiv.

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