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.