Bank of America saw its profit more than halve in the second quarter as it set aside $5 billion to cover potential loan losses, while warning that it would struggle as long as interest rates stayed low
It also reported a 9% fall in pre-provision income, pointing to the pressure on its business model from the interest rate environment, even if it did not have to prepare for potential loan losses.
Higher non-interest income, mainly in global markets and banking unit, drove the beat but was offset by lower net interest income and loan loss provisions, UBS analyst Saul Martinez said. Net income for the bank’s global markets unit rose 81% to $1.9 billion but revenue gains of 50% in fixed income, currencies and commodities and 7% in equities trading failed to match those reported by some of its rivals.
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