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Bank of America quarterly net jumps to US$5.5b

Business | Oct 13, 2017 19:22
Bank of America is reporting a 13 percent jump in quarterly profits, helped by higher interest rates and an increase in lending.
The Charlotte-based bank said it earned US$5.59 billion in the third quarter, or 48 US cents per share, compared with US$4.96 billion, or 41 US cents per share, in the same period year ago.
Bank of America’s consumer banking division had a solid quarter, reflecting the trend up in interest rates in the past year, which has allowed banks like BofA to charge more to borrow. Net interest income was up 9 percent.
Quarterly revenue was US$22.83 billion, which also beat analysts’ forecasts of US$22.02 billion. -AP


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