Bank of America hit by $2B charge, still tops expectations

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In this Monday, Oct. 14, 2019 photo a Bank of America logo is attached to the exterior of the Bank of America Financial Center building, in Boston. Bank of America Corp. reports financial results Wednesday, Oct. 16. (AP Photo/Steven Senne)

CHARLOTTE, N.C. (AP) β€” Bank of America is reporting a 21% drop in third quarter profits due to a $2 billion impairment charge.

The nation’s second largest bank reported net income of $5.78 billion, or 56 cents per share. That’s better than the per-share projections of 50 cents that Wall Street was calling for, according to a survey by Zacks Investment Research.

Revenue was $28.54 billion and revenue net of interest expense was $22.81 billion, edging out expectations.

Shares of Bank of America Corp., based in Charlotte, North Carolina, are up almost 2% before the opening bell Wednesday.

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Portions of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BAC at https://www.zacks.com/ap/BAC

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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