Bank of America profits drop due to US tax reform hit
Bank of America said earnings tumbled 50.2 percent to $2.1 billion (AFP Photo/Frederic J. Brown)/ New York (AFP) - Bank of America reported better-than-expected fourth-quarter earnings Wednesday on solid loan growth and a lift from higher interest rates, despite a hefty one-time hit associated with US tax reform. Earnings at the US banking giant tumbled 50.2 percent to $2.1 billion. The bank booked $2.9 billion in one-time costs associated with deferred taxes due to tax reform after previously signaling the hit. Higher interest rates ...
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