AFP, New York :
Bank of America on Monday reported a drop in second-quarter earnings as the drag of low interest rates offset a pickup in some key consumer banking categories.
Chief executive officer Brian Moynihan said the earnings, which topped expectations, nevertheless reflected the bank’s engineering of “another solid quarter in a challenging environment” by keeping a lid on expenses.
Net income for the quarter ending June 30 was $3.9 billion, down 19.4 percent. Revenue fell 7.1 percent to $20.4 billion. BofA, the third largest US bank by assets, reported a hefty drop in net interest income as global central banks keep interest rates low. On the positive side, total loans grew 2.5 percent to $903.2 billion.
Bank of America on Monday reported a drop in second-quarter earnings as the drag of low interest rates offset a pickup in some key consumer banking categories.
Chief executive officer Brian Moynihan said the earnings, which topped expectations, nevertheless reflected the bank’s engineering of “another solid quarter in a challenging environment” by keeping a lid on expenses.
Net income for the quarter ending June 30 was $3.9 billion, down 19.4 percent. Revenue fell 7.1 percent to $20.4 billion. BofA, the third largest US bank by assets, reported a hefty drop in net interest income as global central banks keep interest rates low. On the positive side, total loans grew 2.5 percent to $903.2 billion.
