Bank of America Corp reported a better-than-expected rise in quarterly profit on...
- Bank of America Corp reported a better-than-expected rise in quarterly profit on Tuesday, as a growing loan book and cost cuts made up for a drop in revenue in investment banking.
The second-biggest U.S. bank benefited from 3 percent growth in consumer loans and 4 percent growth in loans to businesses in the first quarter, allowing it to capture more revenue from higher U.S. interest rates. Revenue rose in two of the lender’s four main businesses. Net interest income - the difference between what a lender earns on loans and pays on deposits - rose 5 percent to $12.38 billion. Average deposits also rose nearly 5 percent to $1.36 trillion.
Overall trading revenue declined 17 percent, with equities trading revenue falling 22 percent and fixed income trading revenue slipping 8 percent.
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