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

The company logo of the Bank of America and Merrill Lynch is displayed at its office in Hong Kong March 8, 2013. REUTERS/Bobby Yip - Copyright Bobby Yip(Reuters)

By Reuters

Published on 15/10/2018 - 13:34•Updated 26/04/2024 - 00:03

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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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