
BofA Profits Fall as Bank Sets Aside Money for Downturn
Bank of America’s profits fell by 8 percent in the third quarter as the bank set aside cash to cover potential loan losses.
Bank of America’s profits fell by 8 percent in the third quarter as the bank set aside cash to cover potential loan losses.
While decreases in loan loss provisions helped Massachusetts banks bring in more net income in the first quarter, the net interest margin at these institutions continued to decline.
Webster Bank saw first quarter earnings increase almost 200 percent compared to the same quarter last year, when banks were responding to the start of the pandemic.
The pandemic and recession aren’t over by a long shot, but megabanks are feeling optimistic enough to start taking potentially “bad” loans off their books and move them back into the “good” pile.