NEW YORK (AP) — Bank of America’s earnings fell 20 percent in the second quarter as historically low interest rates make it less profitable to make loans.
The Charlotte, North Carolina-based banking giant earned $3.87 billion, or 36 cents per share, before dividends to preferred shareholders. That’s down from $4.8 billion, or 43 cents per share, in the same period a year earlier.
The results beat analysts’ expectations. Analysts polled by FactSet expected the bank to earn 33 cents per share.
Revenue fell to $20.4 billion from $21.96 billion.
Bank of America’s stock edged up 0.5 percent in pre-market trading.