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Bank of America: Q1 misses consensus

( - Bank of America has reported net income that is down 45% at four billion dollars in the first quarter of 2020, i.
e. EPS of 40 cents, which is 16 cents below the consensus.

Revenue, net of interest expense, decreased 1% to 22.8 billion dollars, with net interest income down 2% due to lower interest rates, although this was partially offset by loan and deposit growth.

The bank, which is based in Charlotte (North Carolina) explains that its provisions for credit losses increased to 4.8 billion dollars, against just one billion dollars a year earlier, driven by a 3.6 billion dollar reserve build due to the health crisis.

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