Categories AlphaGraphs, Finance
Infographic: Bank of America (BAC) Q2 2020 earnings results
Bank sets aside $5.1 billion towards provision for credit losses
Bank of America (NYSE: BAC) reported second-quarter financial results before the regular trading hours on Thursday. The banking giant reported a 3% dip in the quarterly revenue, and net income that got halved year-over-year. However, these results were better than what the street had anticipated.
BAC shares were down 2% immediately following the announcement, on concerns relating to the rising amount set aside for loan losses driven by the pandemic. Provision for credit losses in Q2 was $5.1 billion, compared to $857 million a year ago.
BAC shares have declined 31% since the beginning of this year.
CEO Brian Moynihan said in a statement, “We provided billions in credit to clients; announced a $1 billion, four-year commitment to drive economic and racial equality in our communities.”
Prior performance
Related: An earnings season where trading business played god
_________________________________________________________________________________________________________________
Stocks you may like:
_________________________________________________________________________________________________________________
Most Popular
Key metrics from Shopify’s (SHOP) Q1 2024 earnings results
Shopify Inc. (NYSE: SHOP) reported first quarter 2024 earnings results today. Revenue increased 23% to $1.9 billion compared to the prior-year period. Gross Merchandise Volume (GMV) increased 23% year-over-year to
EA Earnings: Electronic Arts reports lower revenues for Q4 2024
Video game publisher Electronic Arts (NASDAQ: EA) Tuesday reported a decline in revenues for the fourth quarter of 2024. Meanwhile, the top line came in slightly above analysts' estimates. Fourth-quarter
What to look for when Home Depot (HD) reports Q1 2024 earnings
Shares of The Home Depot (NYSE: HD) stayed red on Tuesday. The stock has gained 17% over the past 12 months. The home improvement retailer is scheduled to report its