Bank of America profit falls as consumer banking business falters

Bank of America Corp posted a drop in fourth-quarter profit on Tuesday as historically low interest rates hurt its consumer banking business.

Net income applicable to common shareholders fell to $5.21 billion, or 59 cents per share, for the quarter ended Dec. 31 from $6.75 billion, or 74 cents per share, a year earlier.

Analysts on average had expected a profit of 55 cents per share, according to the IBES estimate from Refinitiv.