Bank of America's profit plunges 52%, braces for virus-related bad loans | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Thursday
July 10, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • Subscribe
    • Epaper
    • GOVT. Ad
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
THURSDAY, JULY 10, 2025
Bank of America's profit plunges 52%, braces for virus-related bad loans

Global Economy

TBS Report
16 July, 2020, 07:45 pm
Last modified: 16 July, 2020, 07:48 pm

Related News

  • Berkshire's cash soars to $325 billion, Buffett sells Apple, Bank of America
  • Facebook, Instagram could have 12 million paying subscribers by early 2024: Bank of America
  • Goldman Sachs, BofA expect three more US rate hikes this year
  • Bank of America CEO predicts income boost from higher rates
  • Bank of America in settlement talks with US regulators over employee cell phone use

Bank of America's profit plunges 52%, braces for virus-related bad loans

 Bank of America’s earnings were hit by credit costs of $5.1 billion

TBS Report
16 July, 2020, 07:45 pm
Last modified: 16 July, 2020, 07:48 pm
FILE PHOTO: A Bank of America building is seen in Los Angeles, California, US, May 6, 2019. REUTERS/Lucy Nicholson
FILE PHOTO: A Bank of America building is seen in Los Angeles, California, US, May 6, 2019. REUTERS/Lucy Nicholson

Economic fears and extremely low interest rates drove Bank of America's profit down by 52 percent in the second quarter.

 Bank of America's earnings were hit by credit costs of $5.1 billion, reports the CNN.

The bank said it set aside another $4 billion in reserves to guard against loans that go bad because of the "weaker economic outlook related to Covid-19."

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Like other lenders, Bank of America continues to struggle with extremely low interest rates. The bank reported an 11 percent drop in net interest income.

Still, Bank of America's per-share profit of 37 cents beat expectations. 

"In the most tumultuous period since the Great Depression, we delivered for our clients, our employees, our communities and our shareholders," CEO Brian Moynihan said in a statement.

Bank of America's trading business performed well, with fixed income revenue surging 50 percent and equities revenue rising 7 percent.

Bank of America

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • BNP Secretary General Mirza Fakhrul Islam Alamgir while speaking at a discussion at National Press Club on 10 July 2025. Photo: TBS
    'Backbone of economy will break': Fakhrul says govt should've worked seriously with more qualified people on US tariffs
  • Photo: Mohammad Minhaj Uddin/TBS
    SSC, equivalent results: Pass rate drops to 68.45%, GPA-5 also declines
  • In terms of stream of education, girls maintained their excellence as well. Photo: TBS
    SSC 2025: Girls dominate boys by over 5%

MOST VIEWED

  • Graphics: TBS
    BB raises startup fund limit, drops upper age barrier
  • Workers pack undergarments at the packing section of a garment factory in Ashulia, on the outskirts of Dhaka, Bangladesh, April 19, 2025. Photo: REUTERS/Fatima Tuj Johora
    After US tariffs, jobs hang by a thread in Bangladesh's garments sector
  • Global Islami Bank rectifies 2023 figures, reports Tk2,259cr loss instead of Tk128cr profit
    Global Islami Bank rectifies 2023 figures, reports Tk2,259cr loss instead of Tk128cr profit
  • Bangladesh Bank Governor Ahsan H Mansur. TBS Sketch
    Audit reports of most banks contain cooked up data: BB governor
  • File photo of containers at Chattogram port/TBS
    US buyers push Bangladeshi exporters to share extra tariff costs
  • CA orders law enforcers to complete all election preparations by December
    CA orders law enforcers to complete all election preparations by December

Related News

  • Berkshire's cash soars to $325 billion, Buffett sells Apple, Bank of America
  • Facebook, Instagram could have 12 million paying subscribers by early 2024: Bank of America
  • Goldman Sachs, BofA expect three more US rate hikes this year
  • Bank of America CEO predicts income boost from higher rates
  • Bank of America in settlement talks with US regulators over employee cell phone use

Features

Women are forced to fish in saline waters every day, risking their health to provide for their families. Photo: TBS

How Mongla’s women are bearing the brunt of rising salinity

21h | Panorama
Dr Mostafa Abid Khan. Sketch: TBS

Actual impact will depend on how US retailers respond: Mostafa Abid Khan

2d | Economy
Thousands gather to form Bangla Blockade in mass show of support. Photo: TBS

Rebranding rebellion: Why ‘Bangla Blockade’ struck a chord

2d | Panorama
The Mitsubishi Xpander is built with families in mind, ready to handle the daily carpool, grocery runs, weekend getaways, and everything in between. PHOTO: Akif Hamid

Now made-in-Bangladesh: 2025 Mitsubishi Xpander

3d | Wheels

More Videos from TBS

RMG sector braces for impact as US tariffs hit: Fakhrul

RMG sector braces for impact as US tariffs hit: Fakhrul

29m | TBS Today
Ex-IGP Mamun petitions to turn state’s witness

Ex-IGP Mamun petitions to turn state’s witness

39m | TBS Today
Legal fight on Sheikh Hasina's behalf will continue until the end: Lawyer

Legal fight on Sheikh Hasina's behalf will continue until the end: Lawyer

44m | TBS Today
July massacre: ICT orders initiating trial in first case against Hasina, deposition to start 3 August

July massacre: ICT orders initiating trial in first case against Hasina, deposition to start 3 August

1h | TBS Today
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net