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Bank of America Net Profit Down 34.7% In 2020

MOSCOW, 19 Jan – PRIME. Bank of America Corp. (BofA) in 2020 amounted to $ 17.894 billion, down 34.7% from the previous year, according to the bank’s statements. Bank of America named the most promising Russian stocks for 2021 Diluted earnings per share were $ 1.87 against $ 2.75 in 2019. The bank’s revenue, net of interest expenses, for the reporting period amounted to $ 85.528 billion, which is 6.3% less than in 2019. The financial institution’s net profit for the fourth quarter of 2020 was $ 5.47 billion, which is 21.7% less than in October-December 2019. Diluted earnings per share reached $ 0.59 versus $ 0.74 a year earlier. Quarterly revenue fell 10% to $ 20.1 billion. Analysts were expecting $ 20.56 billion. “In 2020, we witnessed the dramatic impact of the health crisis on our economy and operations. In the fourth quarter, we saw signs of a recovery driven by increased consumer spending, stabilizing demand for loans from our commercial clients, as well as the growth of markets and investment activity, “- quoted in the release, the words of the chief executive officer of BofA Brian Moynihan (Brian Moynihan). In addition, the Board of Directors of Bank of America approved the buyback of $ 2.9 billion in common stock by March 31, 2021. Bank of America Corp., founded in 1904, is a diversified financial institution. BofA is part of the so-called “Big Four” US banks along with its main competitors – Citigroup, JP Morgan Chase and Wells Fargo.

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