Bank of America profit hurt by losses on credit cards, office loans
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Bank of America's profit was negatively impacted by losses on credit cards and office loans. The losses were a result of the economic downturn caused by the COVID-19 pandemic. The bank reported a net income of $4.9 billion for the first quarter of 2024, which is a decrease from the $7.3 billion reported in the same period last year. The decline in profit was primarily due to a $2.4 billion increase in provision for credit losses. Bank of America's revenue also decreased by 5% to $22.8 billion. The bank's CEO, Brian Moynihan, stated that the losses were expected and that the bank remains focused on supporting its customers and communities during this challenging time.

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https://www.nst.com.my/property/2024/04/1038932/bank-america-profit-hurt-losses-credit-cards-office-loans