Bank of America (BoA) posted a 70 per cent jump in quarterly profit yesterday, helped by higher share trading revenue and lower expenses as chief executive Brian Moynihan’s efforts at a turnaround showed early signs of paying off.
Business was stronger in a number of areas for the second-biggest US bank by assets. Retail brokerage and asset management income rose 38 per cent, while trading income, excluding an accounting adjustment, jumped 57 per cent.
Net profit rose to $3.57 billion (£2.35bn) from $2.1bn on total revenues of $22.73bn, up from $21.97bn. BofA is the latest Wall Street financial giant to report strong quarterly figures after results from Citigroup, Goldman Sachs and JP Morgan.
Moynihan has been trying to boost revenue by selling more products to customers.