Bank of America profit more than halves on pandemic woes

(Reuters) – Bank of America Corp reported a drop of more than 50% in second-quarter profit on Thursday as it set aside $4 billion for potential loan losses tied to the coronavirus pandemic.

Net income applicable to common shareholders fell to $3.28 billion, or 37 cents per share, for the quarter ended June 30 from $7.11 billion, or 74 cents per share, a year earlier.

(Reporting by Anil D’Silva in Bengaluru)