Bank of America shares up 3.3% on higher profits in its 4 main businesses
Bond trading revenue increases by more than analyst estimates while expenses fall, even as CEO promises more cuts
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New York
BANK of America Corp posted higher profit in each of its four main businesses as bond trading revenue increased more than analysts estimated and expenses fell.
The second biggest US bank by assets led financial stocks higher on Monday after reporting earnings per share of 36 US cents, beating the 33 US cent average estimate of analysts surveyed by Bloomberg. Net income dropped 21 per cent to US$4.23 billion as the company booked a roughly US$1 billion accounting charge, Bank of America said in a statement.
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