Earnings slide ongoing for banks; BofA Q2 profit dips 32%

By KEN SWEET
AP Business Writer

NEW YORK (AP) — Bank of America’s second quarter profits fell by 32% from a year ago, the latest bank to report a decline in profits after a strong 2021. The bank on Monday reported a profit of $6.2 billion, or 73 cents per share, compared to a profit of $9.2 billion, or $1.03 a share, in the same period a year earlier. Last year’s results were boosted by the bank releasing billions of dollars from its loan loss reserves, which is money the bank set aside in the pandemic to cover potentially bad loans.