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Bank of America’s Q4 profit tumbles

Jeremy Simon

Bank of America announced that its fourth-quarter net income tumbled amid problems in the capital markets and a slowdown in the U.S. economy. Among the main reasons for the earnings decline, BofA said its provision expense rose $1.74 billion, “largely due to a $1.33 billion addition to the reserve for credit losses.” Additionally, net charge-offs (loans the bank thinks it will be unable to collect) increased to 0.91% from 0.82% a year earlier.
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