Bank of America profits decline as consumer banking falters

(Reuters) – Bank of America Corp reported a decline in fourth-quarter earnings on Tuesday as historically low interest rates hurt its consumer banking business.

Net income applicable to common shareholders fell to $ 5.21 billion, or 59 cents per share, for the quarter ended December 31 from $ 6.75 billion, or 74 cents per share, a year earlier.

Analysts on average had expected a profit of 55 cents per share, according to the IBES estimate from Refinitiv.

Reportage by Noor Zainab Hussain in Bengaluru and Imani Moise in New York; Editing by Anil D’Silva