Bank of America takes $84 million hit from toxic energy loan
Commercial loan charge-offs soar to $156 million because of troubled utility client
Bank of America swallowed an $84 million loss in the first quarter after writing off an exposure to a large energy company.
The troubled account pushed both net charge-offs and provisions for credit losses (PCL) higher on the quarter and year-on-year.
Net charge-offs in the commercial loan portfolio hit $156 million, up from $120 million at end-2018 and $81 million the year-ago quarter.
PCLs for the firm’s global banking division, which includes the commercial lending arm, climbed to $111
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