Bank of America made a lower profit in the fourth quarter of 2019, mainly under pressure from lower interest rates in the United States. Net profit amounted to 7 billion dollars compared to 7.3 billion dollars in the fourth quarter a year earlier.

Total income amounted to 22.3 billion dollars, also less than a year earlier. The interest income decreased due to the interest rate cuts by the Federal Reserve. The bank did, however, provide more loans to companies and consumers and earned more with the trade in bonds. Turnover fell in the stock market. CEO Brian Moynihan spoke of good results for the financial group in a steadily growing economy with solid customer activity.

For the whole of 2019, the profit amounted to 29.1 billion dollars and 91.2 billion dollars in income. Bank of America stated last year that it had paid the record amount of $ 34 billion to shareholders through dividends and share purchases.

Load More Related Articles
Load More By WeeklyNews staff
Load More In Business

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Statistic research shows that GenZ kids are almost completely bound to sofas

According to research, released by online tutor provider GoStudent, it has been found that…