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.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: