BofA quarterly profits rise to record US$6.9b

Business | 16 Apr 2018 7:39 pm

Bank of America is reporting that its first-quarter profits jumped by 30 percent from a year earlier as the company benefited from the new tax law as well as higher interest rates.

The consumer banking giant earned US$6.92 billion, or 62 cents per share, up from US$5.34 billion, or 45 US cents a share, from the same period a year ago. Analysts had been expecting a per-share profit of 59 US cents, according to FactSet.

Like its competitors JPMorgan Chase and Citigroup, Bank of America reported a sharp drop in its tax bill Monday, which helped boost profits. While the Charlotte, North Carolina, bank’s pretax income rose by roughly US$1 billion, the amount it paid in taxes fell by roughly US$500 million in the quarter. -AP

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