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 | Viva-MTS: Tech solutions to modernize infrastructure of border village The border village has been the focus of Viva-MTS and the Foundation for the Preservation of Wildlife and Cultural Values since 2015. Ucom's fixed network launched in Artashat To mark this occasion, the company has introduced a special offer exclusively for Artashat residents. “By Your Side”: IDBank's new support program for displaced Artsakh citizens IDBank is launching a long-term social support program for forcibly displaced Artsakh residents. The Power of One Dram to benefit Road of Life charity The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization. |