Bank of America profit falls on $2 billion impairment charge

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© Reuters. A Bank of America building is seen in Los Angeles© Reuters. A Bank of America building is seen in Los Angeles

(Reuters) – Bank of America Corp (N:), the second-largest U.S. bank by assets, reported a 21% fall in quarterly profit on Wednesday, hurt mainly by a $2 billion pretax impairment charge.

Net income applicable to common shareholders fell to $5.27 billion, or 56 cents per share, in the third quarter ended Sept. 30, from $6.70 billion, or 66 cents per share, a year earlier.

Revenue, net of interest expense, rose slightly to $22.8 billion.

Analysts were expecting a profit of 51 cents per share and revenue of $22.79 billion, according to IBES data from Refinitiv. It was not immediately clear if the numbers were comparable to the consensus estimates.

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