July 16, 2018 / 10:56 AM / a year ago

Bank of America profit jumps on lower tax, loan growth

July 16 (Reuters) - Bank of America Corp reported a 36.3 percent jump in quarterly profit, helped by loan growth across its businesses, lower expenses and a smaller tax bill.

Net income applicable to common shareholders rose to $6.47 billion in the second quarter, from $4.75 billion a year earlier.

Earnings per share was 63 cents, up from 44 cents.

Analysts on average were expecting the bank to earn 57 cents per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported numbers were comparable with estimates.

Noninterest expense fell 5 percent, while tax bill was down by 43 percent. (Reporting by Sweta Singh in Bengaluru Editing by Saumyadeb Chakrabarty)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below