Bank of America Sees Profit Dip in Second Quarter

Bank of America reported a decline in its second-quarter profit due to reduced income from loans and increased provisions for potential credit losses. The bank earned $6.9 billion, or 83 cents per share, down from $7.4 billion, or 88 cents per share, a year ago.

Bank of America's profit fell in the second quarter as its income from interest on loans shrank and it set aside more money to cover potential credit losses.

The second biggest U.S. lender earned $6.9 billion, or 83 cents per share, in the quarter ended June 30, compared with $7.4 billion, or 88 cents per share, a year earlier, it said in a statement on Tuesday.