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The net profit of Bank of America fell in the second quarter by 17.5%

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The net profit of Bank of America fell in the second quarter by 17.5%

The net profit of Bank of America fell in the second quarter by 17.5%
July 18
16:00 2016

Bank of America Corp reported a 17.5% decline in net profits in the second quarter after the fall by 13% in the first three months. This is because of the persistence of the low interest rates and decline in income from trading operations. Bank of America Corp is the second bank in terms of assets in the United States.

The Bank reporting states that its net profit in April-June fell to $4.23 billion, or 36 cents per share, compared with $5.13 billion, or 45 cents per share for the appropriate period last year. The result of the second quarter includes write-offs, which are related to the revaluation of the fair value of assets in the amount of about 6 cents per security. The income of the bank fell by 7.1% in the last quarter, from $21.96 billion to $20.4 billion. In the interview for Thomson Reuters experts expressed the profit forecast within 33 cents per share on the revenue of $20.41 billion.

Bank of America has increased its trading income by 14%. The profit from the operations at the stock markets with fixed income was increased by 27% up to $2.62 billion. At the same time, the trading revenue in the securities market decreased by 7.6% – up to $1.09 billion. The Bank capitalization has fallen by 19% since the beginning of the last year. It is more than at other Wall Street banks. KBW Nasdaq index has dropped by 0.8% over this time.

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