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.