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Bank of America unveils Q3 losses

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by Kay Mitchell
Bank of America unveils Q3 losses

Bank of America, which the US’ largest bank, has today unveiled a net loss of $7.3 billion, or 77 cents per share, compared with a loss of $2.2 billion, or 26 cents per share, a year earlier.

The banking giant said it had a one-off impairment charge of $10.4 billion for the July to September period.

Meanwhile, net interest income declined for the fourth consecutive quarter.

The figures come on the same day fellow banking giant Goldman Sachs reported a fall in third quarter profits to $1.9 billion, or $2.98 per share, compared with $3.19 billion, or $5.25 per share, a year earlier.

In addition, Citigroup yesterday revealed third quarter profit of $2.2 billion, compared with $101 million in the same period a year ago.

Meanwhile, investment bank JPMorgan kicked off the US banking reporting season last week by announcing a 23% increase in profits for the third quarter.

However, like all banking giants mentioned above, Bank of America’s results exceeded expectations.

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News posted: October 19, 2010

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