BofA's 2Q profit falls on shrinking interest income
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Bank of America's (BofA) profit fell in the second quarter (2Q) as its income from interest on loans shrank and it set aside more money to cover potential credit losses. The second biggest US lender earned US$6.9 billion (RM32.23 billion), or 83 cents per share, in 2Q ended June 30, compared with US$7.4 billion, or 88 cents per share, a year earlier. BofA's net interest income (NII) in 2Q fell 3% to US$13.7 billion. Provisions for credit losses were US$1.5 billion, higher than US$1.1 billion a year earlier. BofA expects NII in 4Q to be US$14.5 billion, higher than the US$14.4 billion analysts were predicting. BofA's investment banking fees jumped 29% to US$1.6 billion.

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