Print Edition - 2018-04-17  |  Money Digest

Bank of America profits up 34.2 percent

NEW YORK

Apr 17, 2018-Bank of America reported a jump in first-quarter earnings on Monday on strong performance in key businesses thanks in part to a lift from higher interest rates. Net income for the quarter ending March 31 was $6.5 billion, up 34.2 percent from the year-ago period. Revenues climbed 3.9 percent to $23.1 billion. Like other large banks, Bank of America enjoyed a lift from higher interest rates, which enables financial institutions to score increased profits from the margin between its deposits and loans. Overall loan levels were up solidly from the year-ago period, a sign that the large US bank is benefiting from strengthening macro conditions. Bank of America’s global markets business experienced similar trends to other large banks that reported last week, with equity trading surging higher and offsetting weakness in fixed income and currency trading. (AFP)

Published: 17-04-2018 08:30

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