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Bank of America profit surges on reserve release boost

July 14 - Bank of America Corp reported a jump in second-quarter profit on Wednesday as it released reserves it had set aside last year to cover potential loan losses tied to the pandemic.

The bank’s net income applicable to common shareholders rose to $8.96 billion, or $1.03 per share, from $3.28 billion, or 37 cents per share, a year earlier.

Analysts on average had expected a profit of 77 cents per share, according to IBES estimate from Refinitiv.

Reporting by Niket Nishant in Bengaluru and Elizabeth Dilts Marshall in New York; Editing by Saumyadeb Chakrabarty

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