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Bank of America profit slides on weak trading

Saheli April 14, 2016 Business Comments Off on Bank of America profit slides on weak trading

The Bank of America logo is seen at their offices at Canary Wharf financial district in London, Britain, March 3, 2016.  REUTERS/Reinhard Krause

Bank of America Corp, the No. 2 U.S. bank by assets, reported an 18 percent slide in quarterly profit as concerns about a global economic slowdown and uncertainty about the pace of U.S. interest rate increases dampened bond and stock trading.

Net income attributable to common shareholders fell to $2.22 billion, or 21 cents per share, in the three months ended March 31, from $2.72 billion, or 25 cents per share, a year earlier.

Analysts on average had expected earnings of 20 cents per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the figures reported on Thursday were comparable.

Market volatility stemming from a slide in commodity and oil prices, worries about China’s economy and uncertainty about interest rates hit trading activity globally in the quarter, particularly in January and February.

[Source:- Reuters]

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