BofA quarterly profits rise to record US$6.9bBusiness | Apr 16, 2018 19:39
The consumer banking giant earned US$6.92 billion, or 62 cents per share, up from US$5.34 billion, or 45 US cents a share, from the same period a year ago. Analysts had been expecting a per-share profit of 59 US cents, according to FactSet.
Like its competitors JPMorgan Chase and Citigroup, Bank of America reported a sharp drop in its tax bill Monday, which helped boost profits. While the Charlotte, North Carolina, bank’s pretax income rose by roughly US$1 billion, the amount it paid in taxes fell by roughly US$500 million in the quarter. -AP