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BofA (BAC) Q2 Earnings Top, Provisions Up on Coronavirus Woes
Bank of America’s BAC second-quarter 2020 earnings of 37 cents per share outpaced the Zacks Consensus Estimate of 28 cents. The earnings included the impact of a reserve build of $4 billion, mainly done to combat persistent economic slowdown.
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Lower Rates Hurt Revenues, Expenses Rise
Net revenues amounted to $22.3 billion, which beat the Zacks Consensus Estimate of $21.8 billion. However, the figure was down 3% on a year-over-year basis.
Net interest income — on a fully taxable-equivalent basis — declined 11% year over year to $10.8 billion, mainly due to lower interest rates, partly offset by loan and deposit growth. Also, net interest yield contracted 57 basis points to 1.87%.
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https://finance.yahoo.com/news/bofa-bac-...03074.html
![[Bild: BACc1dl1429.png]](https://finviz.com/publish/071620/BACc1dl1429.png)
Bank of America’s BAC second-quarter 2020 earnings of 37 cents per share outpaced the Zacks Consensus Estimate of 28 cents. The earnings included the impact of a reserve build of $4 billion, mainly done to combat persistent economic slowdown.
...
Lower Rates Hurt Revenues, Expenses Rise
Net revenues amounted to $22.3 billion, which beat the Zacks Consensus Estimate of $21.8 billion. However, the figure was down 3% on a year-over-year basis.
Net interest income — on a fully taxable-equivalent basis — declined 11% year over year to $10.8 billion, mainly due to lower interest rates, partly offset by loan and deposit growth. Also, net interest yield contracted 57 basis points to 1.87%.
...
https://finance.yahoo.com/news/bofa-bac-...03074.html
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