Bank of America (BAC) reported second quarter earnings per share of $0.37 compared to $0.74, prior year. On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $0.27, for the quarter. Analysts' estimates typically exclude special items. Pretax income declined 58% year-on-year to $3.8 billion. Net income of $3.5 billion included the impact of a $4.0 billion reserve build primarily associated with a weaker economic outlook related to COVID-19. Provision for credit losses increased to $5.1 billion, driven by $4.0 billion reserve build. Pretax, pre-provision income, was down 9% to $8.9 billion.
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