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Bank of America sees profits jump

Bank of America sees profits jump

Bank of America sees profits jump

  • 18 April 2017
  • From the section Business

Bank of America ATMImage copyright
Reuters

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Bank of America is one of the largest banks in the US

Profits at Bank of America soared in the first quarter of the year, powered by gains in its global banking unit.

The US bank said net income was $4.35bn (£3.44bn) in the quarter, up 44% from the same period in 2016.

The bank is the latest to benefit from increased market activity, higher interest rates, and a recovery in the energy sector.

JP Morgan Chase and Citigroup both reported higher first-quarter profits last week.

“The US economy continues to show consumer and business optimism, and our results reflect that,” chief executive Brian Moynihan said.

Bank of America said profits in its global banking unit were $1.7bn in the period, up 58% year-on-year due to record investment banking fees.

Total revenue increased 7% to $22.2bn.

The bank, which serves some 46 million households, last year was hurt by losses related to property and the energy industry in the first quarter. Those have declined, but the firm said it saw an uptick in credit card losses from the end of 2016.

Source : BBC News – Business

Bank of America sees profits jump

Bank of America sees profits jump

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