Bank of America profit rises on loan growth


A Bank of America logo is pictured in the Manhattan borough of New York City, New York, U.S., January 30, 2019. REUTERS/Carlo Allegri

(Reuters) – Bank of America Corp (BAC.N) reported a 10% increase in quarterly profit on Wednesday as a healthy U.S. economy boosted demand for loans.

Net income applicable to common shareholders rose to $7.11 billion, or 74 cents per share, in the second quarter ended June 30 from $6.47 billion, or 63 cents per share, a year earlier.

Revenue, net of interest expense, was up about 2% at $23.08 billion.

Analysts had expected a profit of 71 cents per share and revenue of $23.2 billion, according to IBES data from Refinitiv, but it was not immediately clear if the numbers were comparable.

Reporting by Noor Zainab Hussain in Bengaluru and Imani Moise in New York; Editing by Saumyadeb Chakrabarty



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