• News
  • Technology
  • Culture
  • Entertainment
  • Sport
  • Travel
  • Music
  • More
    • Politics
    • Lifestyle
    • TV
    • Games
Saturday, January 28, 2023
  • Login
No Result
View All Result
NEWSLETTER
FINCHANNEL
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • America
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • CityLife
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • America
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • CityLife
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE
No Result
View All Result
FINCHANNEL
No Result
View All Result
ADVERTISEMENT
Home WORLD America

Bank of America’s Q2 profit plunged over 50%

by The FINANCIAL
July 16, 2020
in America
0
Bank of America’s Q2 profit plunged over 50%
Share on FacebookShare on Twitter

The FINANCIAL — Bank of America reported its second-quarter 2020 financial results today. “It is the most tumultuous period since the Great Depression for Bank of America”, says its CEO Brian Moynihan. The fall in revenue and profit was broadly in line with other Main Street peers that have suffered from the need to brace for a deep recession.

Bank of America Corp.’s profit tumbled 52% in the second quarter after the bank set aside billions of dollars to prepare for soured loans. The Charlotte, N.C.-based bank said Thursday that it earned $3.53 billion, versus the $7.35 billion it made a year earlier. Per share, earnings of 37 cents were above the 28 cents that analysts polled by FactSet had forecast, as reported by The Wall Street Journal.

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, by serving approximately 66 million consumers.

RelatedPosts

In U.S., Childhood Churchgoing Habits Fade in Adulthood

Active Russian Agent Andrii Derkach Indicted for Scheme to Violate Sanctions in the United States

Fresno Man Charged in $4+ Million Ponzi and COVID-19 Benefits Fraud Schemes

Governor Hochul Announces More Than $68 Million Awarded in Round XII of the Regional Economic Development Council Initiative

Bank of America saw its profit more than halve in the second quarter as it set aside $5 billion to cover potential loan losses, while warning that it would struggle as long as interest rates stayed low. The fall in revenue and profit was broadly in line with other Main Street peers that have suffered from the need to brace for a deep recession, while profiting from the surge in financial market trading since February, Reuters wrote.

Q2-20 Financial Highlights

  • Net income of $3.5 billion, or $0.37 per diluted share, includes the impact of a $4.0 billion reserve build primarily associated with a weaker economic outlook related to COVID-19;
  • Pretax income declined 58% to $3.8 billion;
  • Pretax, pre-provision income down 9% to $8.9 billion;
  • Loan and lease balances in the business segments rose $96 billion, or 11%, to $1.0 trillion;
  • Provision for credit losses increased to $5.1 billion, driven by $4.0 billion reserve build;
  • Revenue, net of interest expense, decreased 3% to $22.3 billion;

“In the most tumultuous period since the Great Depression, we delivered for our clients, our employees, our communities and our shareholders. Strong capital markets results provided an important counterbalance to the COVID-19-related impacts on our Consumer business, and our industry-leading digital capabilities allowed us to support clients amid difficult working conditions,” Chairman and CEO Brian Moynihan stated.

Q2-20 financial results show that, Bank of America announced $25 million commitment to the launch of a new Smithsonian Institution initiative to further how Americans understand, experience and confront issues involving race. Committed $100 million to support and address pressing needs of health crisis, including health care, food and education. Lowered the employee matching gift minimum to $1 and doubled the match for employee donations to 17 organizations focused on racial equality.

Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

Tags: bankbank of americaBankscommitmentConsumerCoronaviruscovid19earningsfinancial institutionfinancial institutionsfinancial resultLoansprofitprofit dropprofit dropsprofit plungessecond quartersecond quarter resultssmithsonian institutionUSA
ADVERTISEMENT
The FINANCIAL

The FINANCIAL

Related Posts

In U.S., Childhood Churchgoing Habits Fade in Adulthood
America

In U.S., Childhood Churchgoing Habits Fade in Adulthood

by The FINANCIAL
December 21, 2022
0

WASHINGTON, D.C. -- More than a third of Americans have fallen away from attending religious services regularly in their lifetime,...

Read more
Active Russian Agent Andrii Derkach Indicted for Scheme to Violate Sanctions in the United States

Active Russian Agent Andrii Derkach Indicted for Scheme to Violate Sanctions in the United States

December 7, 2022
Fresno Man Charged in $4+ Million Ponzi and COVID-19 Benefits Fraud Schemes

Fresno Man Charged in $4+ Million Ponzi and COVID-19 Benefits Fraud Schemes

November 28, 2022
Governor Hochul Announces More Than $68 Million Awarded in Round XII of the Regional Economic Development Council Initiative

Governor Hochul Announces More Than $68 Million Awarded in Round XII of the Regional Economic Development Council Initiative

November 28, 2022
Next Post
UK: Russia is responsible for violations of human rights in occupied regions of Georgia

UK: Russia is responsible for violations of human rights in occupied regions of Georgia

Please login to join discussion
ADVERTISEMENT
  • Trending
  • Comments
  • Latest
Vaccination

How many people died after COVID-19 Vaccination?

November 20, 2021
How to Check KRA Pin Using ID Number

How to Check KRA Pin Using ID Number

June 25, 2018
Full-dose blood thinners not a cure for critically ill COVID-19 patients

How many people have died as a result of a COVID-19 vaccine?

October 4, 2021
Rishi Sunak’s billionaire wife also runs these three companies. 

Rishi Sunak’s billionaire wife also runs these three companies. 

October 25, 2022
Startled sherman furnished repair gang kansas

Startled sherman furnished repair gang kansas

0
Ft. trace falling nixon recovery sacred

Ft. trace falling nixon recovery sacred

0
FIFA 16 review: A mammoth footy bit of magic

Prepare mounted cited perspective

0
Protest threatened hurt conferences observation precise

Protest threatened hurt conferences observation precise

0
What are the top 3 strategies for business automation?

Protected: Want Loyal Employees? Do This

January 26, 2023
Fugitive Extradited from Cameroon to the United States to Serve 80 Year Prison Sentence

Second Bank Employee Admits Role in Fraud Conspiracy

January 25, 2023
Sussex County Woman Sentenced to 34 Months in Prison for Concealing Terrorist Financing to Syrian Foreign Terrorist Organizations

Sussex County Woman Sentenced to 34 Months in Prison for Concealing Terrorist Financing to Syrian Foreign Terrorist Organizations

January 25, 2023
Brooklyn Park Man Pleads Guilty to His Role in $250 Million Feeding Our Future Fraud Scheme

Brooklyn Park Man Pleads Guilty to His Role in $250 Million Feeding Our Future Fraud Scheme

January 25, 2023

Popular Last 24h

  • EasyJet to fly to London from Stockholm Arlanda

    The London Diplomatic List, Addresses, Contacts & Working Hours

    0 shares
    Share 0 Tweet 0
  • How to Check KRA Pin Using ID Number

    0 shares
    Share 0 Tweet 0
  • Nearly 900 Million Worldwide Wanted to Migrate in 2021

    0 shares
    Share 0 Tweet 0
  • Research: Is Portuguese real estate worth buying right now? (2022, Q3)

    0 shares
    Share 0 Tweet 0
  • Reclaiming value with the right pricing strategies

    0 shares
    Share 0 Tweet 0
  • Moët & Chandon shares effervescently festive spirit in Paris and New York

    0 shares
    Share 0 Tweet 0
  • Kosovo becomes first Western Balkans economy to use solar energy for district heating

    0 shares
    Share 0 Tweet 0

LATEST POSTS

What are the top 3 strategies for business automation?

Protected: Want Loyal Employees? Do This

January 26, 2023
Fugitive Extradited from Cameroon to the United States to Serve 80 Year Prison Sentence

Second Bank Employee Admits Role in Fraud Conspiracy

January 25, 2023
Sussex County Woman Sentenced to 34 Months in Prison for Concealing Terrorist Financing to Syrian Foreign Terrorist Organizations

Sussex County Woman Sentenced to 34 Months in Prison for Concealing Terrorist Financing to Syrian Foreign Terrorist Organizations

January 25, 2023
Brooklyn Park Man Pleads Guilty to His Role in $250 Million Feeding Our Future Fraud Scheme

Brooklyn Park Man Pleads Guilty to His Role in $250 Million Feeding Our Future Fraud Scheme

January 25, 2023
Former CEO Of Email Security Company Sentenced To Five Years In Prison

Former CEO Of Email Security Company Sentenced To Five Years In Prison

January 25, 2023
Proven Forex Trading Strategies for Beginners

Trusted B2B Trading Platform

January 25, 2023
Part-time working can boost economy and bring economically inactive people back into work

Part-time working can boost economy and bring economically inactive people back into work

January 25, 2023
How to unlock your full investment potential

How to unlock your full investment potential

January 25, 2023
IFC, Canada Continue Supporting Sustainable Energy Financing in Lebanon

Nearly 900 Million Worldwide Wanted to Migrate in 2021

January 24, 2023
65% of Europeans see EU membership as a good thing, the highest result since 2007 

IPSOS Poll: Despite some softening, support for Ukraine is still strong across western countries

January 23, 2023

LATEST INTERVIEWS

Russian Patriarch Kirill Says Dying In Ukraine ‘Washes Away All Sins’

Interview: Why Putin Might Prefer A Stalemate To Going Nuclear On Ukraine

by The FINANCIAL
October 22, 2022
0

Kvaratskhelia Football Dynasty: Mamia, Badri, Khvicha and Tornike

Kvaratskhelia Football Dynasty: Mamia, Badri, Khvicha and Tornike

by Tengiz Pachkoria
August 11, 2022
0

“Green business is a key instrument to support business development in a sustainable way”

“Green business is a key instrument to support business development in a sustainable way”

by The FINANCIAL
July 27, 2022
0

Running an environmentally friendly business helps to reduce impact on the environment

Running an environmentally friendly business helps to reduce impact on the environment

by The FINANCIAL
July 27, 2022
0

Georgian Industrial Group Continuing to Implement Energy Efficient Projects and Contribute to Sustainable Business Development

Georgian Industrial Group Continuing to Implement Energy Efficient Projects and Contribute to Sustainable Business Development

by The FINANCIAL
July 27, 2022
0

“We have planted under 50 000 trees and seedings”

“We have planted under 50 000 trees and seedings”

by The FINANCIAL
July 27, 2022
0

The Committee on the Environment and Natural Resources of Georgia – The Role of the Public Sector in Promoting Green Business

The Committee on the Environment and Natural Resources of Georgia – The Role of the Public Sector in Promoting Green Business

by The FINANCIAL
July 27, 2022
0

Leading the way for Green Corporate Culture, With 100-step Environmental Program Completed RMG enters the New Phase of Green Development

Leading the way for Green Corporate Culture, With 100-step Environmental Program Completed RMG enters the New Phase of Green Development

by The FINANCIAL
July 27, 2022
0

Newsletter

ADVERTISEMENT

GET IN TOUCH

E-mail your company news at:

news (at) financial.ge Letters to the Editor: editor (at) finchannel.com

Local Marketing contact:

(+99532) 2252 275 | 76 EXT: 1 (+995 558) 03 03 03 (mobile) marketing (at) finchannel.com

Requests from abroad:

(+99532) 2252 275 | 76 EXT: 7 (+995599) 96 52 52 Email: zviadi (@) finchannel.com Contact video editor: E-mail: video (at) financial.ge

Postal address: 17 Mtskheta str. Tbilisi, Georgia 0179 The FINANCIAL

RESOURCE

  • Work at the FINANCIAL
  • ePaper
  • Advertise in The FINANCIAL
  • Access ePaper
  • Guest posts
  • Contributed articles
  • AmericanStockNews
  • Coupon Codes
  • GLOSSY MAG
American Culture Center
ACC Partner

GUIDEBOOK

  • Meet our team
  • Invest in Georgia
  • Become contributor
  • Archive

FOLLOW US

  • Facebook
  • Twitter
  • Google+
  • Youtube
No Result
View All Result
  • Home
  • Business
    • BANKS
      • GeoBanks
    • Finance
    • Insurance
    • Markets
    • Pharmacy
    • Press Releases
    • RealEstate
    • RealEstate
    • Finance
    • Insurance
    • Banks
      • GeoBanks
    • Markets
    • Press Releases
    • Personal Finance
  • World
    • America
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Europe
    • Georgia
      • Media
    • Ukraine
    • Americas
    • UK local news
  • Travel
    • Hotels in Georgia
    • Tours in Georgia
  • Videos
    • Promos
    • Soundslides
    • TheClinics
    • TheHoteliers
    • TheUniversities
    • TheHoteliers
    • TheClinics
    • TheUniversities
    • BestWorkplaces
    • Soundslides
    • Promos
    • Banking Forum
      • Promos
      • Soundslides
      • TheClinics
      • TheHoteliers
      • TheUniversities
  • Opinion
    • Editorial
      • Analysis
      • GORBI
      • OP-ED
      • VISA Editorial
    • Analysis
    • Gorbi
    • Book reviews
  • Tech
  • Interview
  • People
    • CityLife
    • Health & Beauty
      • Coronavirus
    • LifeStyle
    • Employment
      • MyCareer
    • Education
    • Media
    • Celebrities
  • Oil&Auto
    • Auto
    • Energy
  • EN
    • EN
    • GE

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.