Bank of America profit falls 17% after $1.2 billion fine — Anadolu Agency

In the United States, Bank of America's net profit in the third quarter decreased by 17% to $6.93 billion, or $0.91 per share. The financial result of the country's second-largest bank by assets was affected by a $1.2 billion fine imposed by the U.S. Treasury Department, Anadolu Agency reports.

Impact of the fine on profit

The fine reduced the bank's profit by $0.17 per share. Excluding this payment, the figure would have been $1.08 per share, but it was still below market expectations.

Bank of America's revenue, calculated on a fully taxable-equivalent basis, reached $30.12 billion in the third quarter. This result was also below market expectations.

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Focus on internal controls

The bank released its quarterly report the day after the U.S. Treasury Department announced the fine. This drew attention to the bank's risk management and internal control system.

Bank of America's quarterly results were released after mixed reports from JPMorgan Chase, Goldman Sachs, Citigroup, and Wells Fargo. At JPMorgan Chase, earnings per share and revenue also came in below analysts' expectations.