Bank of America profit nearly halves as loan loss provisions soar

(Reuters) – Bank of America Corp recorded a 48.5% fall in quarterly profit as the bank set aside $3.6 billion for potential loan losses tied to the coronavirus pandemic.

Net income applicable to common shareholders rose to $3.54 billion, or 40 cents per share, in the first quarter ended March 31 from $6.87 billion, or 70 cents per share, a year earlier.

Analysts had expected a profit of 44 cents per share, on average, according to Refinitiv data. It was not immediately clear whether the estimates were comparable.

(Reporting by Noor Zainab Hussain in Bengaluru and Imani Moise in New York; Editing by Saumyadeb Chakrabarty and Lauren Tara LaCapra)