Bank of America 2Q profits jump 33 percent due to tax law

NEW YORK | Bank of America 2Q profits jump 33 percent due to tax law

NEW YORK — Bank of America is reporting a 33 percent jump in second-quarter profits as it cut expenses and benefited from the new tax law.

The banking giant, based in Charlotte, North Carolina, said Monday it earned $6.78 billion, or 63 cents per share, up from $4.75 billion, or 44 cents a share, in the same period a year earlier. That’s better than the per-share projections of 57 cents from industry analysts, according to a survey by FactSet.

Bank of America benefited from rising interest rates. Net interest income across the bank rose $664 million, or 6 percent, compared with a year earlier.

Revenue was $22.61 billion, down from $22.83 billion in the same period a year earlier.

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By Associated Press