Friday May 29, 2020

Better bond trading boosts Bank of America

Overall Q2 profits drop on $1 billion charge

18th July, 2016
Profits up at all four Bank of America divisions Pic: Rex

Bank of America, the second-biggest US bank by assets, has posted higher profits in each of its four main businesses as bond trading revenue increased by more than analysts had expected.

Net profit dropped 21 per cent to $4.23 billion, however, as the company took an accounting charge of around $1 billion. Per-share earnings were 36 cents, compared with 43 cents a year earlier. The average estimate of analysts surveyed by Bloomberg was 33 cents.

Chief executive Brian Moynihan has focused...

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