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Bank of America profit drops on big loan-loss provision

180
·1 min read

Oct 17 (Reuters) - Bank of America Corp joined other big U.S. banks in reporting a drop in third-quarter profit on Monday as it set aside funds to cover soured loans from a potential deterioration in the U.S. economy.

Net profit applicable to common shareholders was $6.6 billion, or 81 cents a share, for the quarter ended Sept. 30, compared with $7.3 billion, or 85 cents a share, a year earlier. (Reporting by Mehnaz Yasmin and Manya Saini in Bengaluru and Saeed Azhar and Lananh Nguyen in New York; Editing by Anil D'Silva)

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