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Bank of America profit rises 35 percent on tax cuts, loan growth

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Bank of America profit rises 35 percent on tax cuts, loan growth

Bank of America profit rises 35 percent on tax cuts, loan growth
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Bobby Yip(Reuters)
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(Reuters) - Bank of America Corp <BAC.N> reported a 35 percent rise in quarterly profit on Monday as the second-largest U.S. lender benefited from tax cuts, while growth in lending helped it offset lower bond trading revenue.

Net income applicable to common shareholders rose to $6.7 billion, or 66 cents per share, in the third quarter ended Sept. 30 from $4.96 billion, or 46 cents per share, a year earlier.

Analysts on average were expecting the bank to earn 62 cents per share, according to I/B/E/S data from Refinitiv. It was not immediately clear if the numbers were comparable.

Non-interest expense fell 2.4 percent to $13.07 billion.

(Reporting by Siddharth Cavale in Bengaluru; Editing by Anil D'Silva)

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