October 16, 2019 / 10:59 AM / a month ago

Bank of America profit falls on $2 bln impairment charge

Oct 16 (Reuters) - Bank of America Corp, the second-largest U.S. bank by assets, reported a 21% fall in quarterly profit on Wednesday, hurt mainly by a $2 billion pretax impairment charge.

Net income applicable to common shareholders fell to $5.27 billion, or 56 cents per share, in the third quarter ended Sept. 30, from $6.70 billion, or 66 cents per share, a year earlier.

Revenue, net of interest expense, rose slightly to $22.8 billion.

Analysts were expecting a profit of 51 cents per share and revenue of $22.79 billion, according to IBES data from Refinitiv. It was not immediately clear if the numbers were comparable to the consensus estimates. (Reporting by Anirban Sen in Bangalore and Imani Moise in New York; Editing by Saumyadeb Chakrabarty)

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