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(Reuters) – Bank of America’s profit rose nearly 20% in the second quarter as interest rates rose as its commercial arm performed better than expected.
The second-largest U.S. bank reported net profit attributable to shareholders rose to $7.10 billion (6.31 billion euros), or 0.88 cents per common share, for the quarter ended June 30 , up from $5.93 billion, or 73 cents per share a year earlier.
Bank of America, along with rivals JPMorgan Chase and Wells Fargo, benefited from rising rates as the US Federal Reserve raised borrowing costs in an attempt to stem stubborn inflation.
Bank of America’s net interest income rose 14% to $14.2 billion in the second quarter. US consumer finances remained strong despite rising costs and interest rates.
(Reporting Manya Saini in Bangalore and Saeed Azhar in New York; French version Nathan Vifflin, editing by Kate Entringer)
Copyright © 2023 Thomson Reuters
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