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Bank of America profit rises 15% on lower costs

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Bank of America, the second-largest US bank by assets, reported a 15 per cent rise in quarterly profit as the lender kept a tight leash on costs and benefited from higher interest rates.

[BENGALURU] Bank of America, the second-largest US bank by assets, reported a 15 per cent rise in quarterly profit as the lender kept a tight leash on costs and benefited from higher interest rates.

Net income attributable to common shareholders rose to US$5.12 billion for third quarter ended Sept 30 from US$4.45 billion in the year-ago period.

Earnings per share rose to 48 US cents from 41 US cents.

Total revenue rose about one per cent to US$22.08 billion.

REUTERS

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