Bank of America recorded a net attributable profit of $ 3,541 million in the first quarter of 2020, which represents a decrease of 48.4% compared to the result obtained by the entity in the same period of the previous year, after the bank multiplied its reserve by more than four in the face of possible credit defaults due to the coronavirus crisis.
Thus, Bank of America’s credit risk provisions reached a total of $ 4,761 million in the first quarter, 370% more than the $ 1,013 million reserved for this purpose in the first three months of 2019.
In turn, the entity’s net turnover between January and March 2020 remained stable at 22,767 million dollars, including a 2% decrease in net interest income, to 12,130 million dollars, while it invoiced $ 10,637 million for other items, a figure similar to that of the same period in 2019.
“Our results reflect the strength of our balance sheet, the diversity of our income, and the resilience of our colleagues to serve clients around the world“, said the bank’s president and CEO, Brian Moynihan, who highlighted the benefits posted at the first quarter, despite the increase in the entity’s capital buffer, which has closed the period with more liquidity than when the quarter began.
K. Tovar
Source: dpa
