US Markets

EARNINGS-Bank of America profit rises on loan growth

Credit: REUTERS/LUCY NICHOLSON

Bank of America Corp reported a 10% increase in quarterly profit on Wednesday as a healthy U.S. economy boosted demand for loans.

July 17 (Reuters) - Bank of America Corp BAC.N reported a 10% increase in quarterly profit on Wednesday as a healthy U.S. economy boosted demand for loans.

Net income applicable to common shareholders rose to $7.11 billion, or 74 cents per share, in the second quarter ended June 30 from $6.47 billion, or 63 cents per share, a year earlier.

Revenue, net of interest expense, was up about 2% at $23.08 billion.

Analysts had expected a profit of 71 cents per share and revenue of $23.2 billion, according to IBES data from Refinitiv, but it was not immediately clear if the numbers were comparable.

(Reporting by Noor Zainab Hussain in Bengaluru and Imani Moise in New York Editing by Saumyadeb Chakrabarty)

((noor.hussain@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S +91 80 6749 6125; Reuters Messaging: noor.hussain.thomsonreuters.com@reuters.net))

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