Mubasher: Bank of America Corp saw a 15.8% decline in quarterly profit, hit by higher provisions for credit losses and a slump in performance in three of its four chief segments, Reuters reported on Wednesday.

As the coronavirus pandemic hammers the economy, the US lender set aside $1.4 billion as reserves to cover loan losses, compared with nearly $800 million a year earlier.

Net interest income fell by 17% to stand at $10.1 billion in the third quarter (Q3) of the year.

Net income applicable to common shareholders dropped to $4.44 billion, or 51 cents per share, in Q3-20, compared to $5.27 billion, or 56 cents per share, in the prior-year period.

Meanwhile, revenue of the second-largest US bank by assets went down by 11% to reach $20.34 billion.

Shares of the bank were down 1.8% in premarket trading.