By Ben Eisen

Bank of America Corp.'s profit fell 16% in the third quarter, though the bank indicated that it is well prepared to weather the coronavirus recession.

The Charlotte, N.C., lender said Wednesday that it earned $4.88 billion in the July-to-September period, compared with $5.78 billion a year ago and $3.53 billion in the prior quarter.

Profit amounted to 51 cents per share. Analysts polled by FactSet had forecast 49 cents.

Write to Ben Eisen at ben.eisen@wsj.com

(END) Dow Jones Newswires

October 14, 2020 07:20 ET (11:20 GMT)

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