Bank of America profit jumps on lower tax, loan growth

1 News Net

1 News - 1 Movies - 1 Music - 1 eBooks - 1 Search

 

(Reuters) – Bank of America Corp (BAC.N) reported a 36.3 percent jump in quarterly profit, helped by loan growth across its businesses, lower expenses and a smaller tax bill.

FILE PHOTO: A customer uses an ATM at a Bank of America branch in Boston, Massachusetts, U.S., October 11, 2017. REUTERS/Brian Snyder/File Photo

Net income applicable to common shareholders rose to $6.47 billion in the second quarter, from $4.75 billion a year earlier.

Earnings per share was 63 cents, up from 44 cents.

Analysts on average were expecting the bank to earn 57 cents per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported numbers were comparable with estimates.

Noninterest expense fell 5 percent, while tax bill was down by 43 percent.

Reporting by Sweta Singh in Bengaluru; Editing by Saumyadeb Chakrabarty

1 News Net

1 News - 1 Movies - 1 Music - 1 eBooks - 1 Search

 

Leave a Reply