BAML: credit quality improvement offsets fixed income slide
Bank of America Merrill Lynch was able to offset a slow quarter for its investment bank by releasing reserves it was holding against non-performing loans, helping it post pre-tax profits of $5.1bn for the third quarter.
Loan losses dropped from around $4bn a year ago to $1.17bn, representing 0.73% of its total loan portfolio. That is the lowest ratio since 2005, and it led the bank to release $1.4bn of the reserves it had set aside against loan losses.
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