A Bank of America branch. (Photo: Stan Honda, AFP/Getty Images)
Bank of America's second-quarter profit rose 63%, as the nation's second-largest bank reaped the benefits of Chief Executive Brian Moynihan's cost-cutting and as loan losses from the 2008 mortgage meltdown continued to shrink.
Charlotte, N.C.-based Bank of America earned $4.0 billion, or 32 cents a share, as revenue climbed 3% to $22.9 billion. Analysts had expected the bank to earn 25 cents a share, according to data compiled by FactSet.
The bank reported double-digit growth from last year in a wide range of businesses. Commercial loan balances are up 20% from last year, and investment banking revenue rose 36%. Bank of America owns Merrill Lynch.
"We are doing more business with our customers and clients, and gaining momentum across every customer group we serve," Moynihan said. "We must keep improving, but with the consumer recovering and businesses strong, we have lots of opportunity ahead."
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