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
What to look for when CVS Health (CVS) reports Q3 earnings
Healthcare company CVS Health Corporation (NYSE: CVS) is all set to report earnings next week, with Wall Street expecting a mixed outcome. The company has been facing challenges in certain
eBay (EBAY): A few factors that helped drive growth in Q3 2024
Shares of eBay Inc. (NASDAQ: EBAY) stayed green on Friday. The stock has gained 32% year-to-date. The ecommerce leader delivered revenue and earnings growth for the third quarter of 2024,
CVX Earnings: Chevron reports lower revenue and profit for Q3 2024
Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to