Bank of America reports higher profits

17th April, 2019 11:43:11 printer

NEW YORK: Bank of America reported higher first-quarter earnings on lower expenses and loan growth Tuesday, with executives describing US growth as still solid.

Net profits were $6.9 billion, up 5.8 percent from the year-ago level, reports AFP.

Revenues fell by less than one percent to $23.0 billion.

Earnings rose in consumer banking, the biggest unit by revenue, thanks to increased net interest income following several Federal Reserve interest rate increases and higher loans.

Profits also were higher in global banking and global wealth and investment management, helping to offset a decline in global markets, where Bank of America was hit by a trading slowdown that has also dented other large banks.