The bank attributed the drop to the fall, by USD 3.6 billion, of the provision for credit losses in contrast with the same period of 2009. Further on, Bank of America’s activity on the capital markets in such domains as sales, trading and investment banking has supported the income growth as well.
In addition, the bank has introduced several initiatives to assist customers, such as the elimination of debit point-of-sale transactions that would result in an overdraft if a customer does not have enough funds in their account or extension of the credit card assistance programs to small businesses.
Bank of America Corporation is the largest bank holding company in the United States, by assets, and the second largest bank by market capitalization. Bank of America is present in more than 150 countries.
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