Bank of America reports big drop in profitsOctober 15, 2014 - 20:54 AMT PanARMENIAN.Net - Bank of America has reported a big drop in profits due to a multi-billion dollar settlement with U.S. authorities, according to BBC News. Net profit for the three months to the end of September was $168mln, down from $2.5bn a year earlier. Total revenue was $21.4bn. The huge drop in profits was due to a previously announced $5.3bn mortgage-related settlement with the Department of Justice and other federal agencies. Most areas of the business improved profitability compared with a year ago. "We saw solid customer and client activity and improved profitability in most of our businesses relative to the year-ago quarter," said the bank's chief executive Brian Moynihan. The bank's property business posted a loss of $5.2bn, compared with a loss of $990mln a year earlier. Profits at the asset management arm rose slightly to $813mln, while those at the global banking division rose by a quarter to $1.4bn. The global markets business turned a loss of $875m to a profit of $769m. On Tuesday, rival JP Morgan reported a profit of $5.6bn for the quarter, while Citigroup posted a $3.4bn profit. Related issues: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | European Parliament to discuss repression in Azerbaijan The European Parliament will discuss repression of civil society in Azerbaijan on April 24 PACE wants concessions from Azerbaijan to accept Baku back A PACE co-rapporteur said that Azerbaijani authorities must make certain concessions so that the country can return to PACE. Cyprus parliament honors Armenian genocide victims Acting House President Zacharias Koulias noted that April 24 marks the “black anniversary” of the Armenian genocide. Armenia PM, France envoy discuss regional matters Issues related to the consistent development of Armenia-France cooperation were discussed. |