BOA Q2 profit more than doubles to US$5.3b
Results helped by steep drop in litigation costs
New York
BANK of America, seeking to get on with the business of banking after legal and mortgage troubles, said on Wednesday that its second-quarter profit more than doubled from a year ago, easily surpassing analysts' expectations.
Still, analysts cautioned that while the surprisingly good results reflect progress in cutting expenses, they were also helped by a steep drop in litigation costs and other one-time items, like adjustments to the value of certain debt holdings thanks to a rise in interest rates in the quarter.
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