Bank of America Faces Shrinking Third Quarter Profits

Bank of America reported a decline in its third-quarter profits, with net income dropping to $6.9 billion. This decrease is attributed to reduced income from customer interest payments, marking a significant decrease from $7.8 billion earned in the same period last year.

Bank of America reported a notable decline in its third-quarter profits, as the financial giant's earnings from customer interest payments dwindled.

The Charlotte-based bank, known to be the second-largest in the United States, announced that its net income for the period fell to $6.9 billion, equivalent to earnings of 81 cents per share.

This represents a noticeable decrease compared to the previous year's figures, where the bank recorded a net income of $7.8 billion, or 90 cents per share, during the same timeframe.

(With inputs from agencies.)