WASHINGTON: Bank of America Corp’s quarterly profit more than doubled as it released reserves it had set aside to cover potential coronavirus loan losses and recorded big gains in trading that offset weakness in consumer banking.
“While low interest rates continued to challenge revenue, credit costs improved and we believe that progress in the health crisis and the economy point to an accelerating recovery,” Brian Moynihan, the bank’s chairman and chief executive, said in a statement. Bank of America’s pre-tax, pre-provision profit, seen this quarter as a better gauge of lenders’ true performance, amounted to 68 cents per share, according to Refinitiv. Analysts on average had expected a profit of 66 cents per share.
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