Bank of America profit jumps on lower tax, loan growth

FAN Editor

(Reuters) – Bank of America Corp reported a 36.3 percent jump in quarterly profit, helped by loan growth across its businesses, lower expenses and a smaller tax bill.

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Net income applicable to common shareholders rose to $6.47 billion in the second quarter, from $4.75 billion a year earlier.

Earnings per share was 63 cents, up from 44 cents.

Analysts on average were expecting the bank to earn 57 cents per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported numbers were comparable with estimates.

Noninterest expense fell 5 percent, while tax bill was down by 43 percent.

(Reporting by Sweta Singh in Bengaluru; Editing by Saumyadeb Chakrabarty)

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