Bank of Amer­ica prof­its up

The Myanmar Times - - Business -

BANK of Amer­ica has re­ported higher third-quar­ter prof­its be­hind strong per­for­mance in trad­ing and over­all loan growth.

Net in­come rose in all four of Bank of Amer­ica’s op­er­at­ing di­vi­sions, with the consumer bank­ing busi­ness boosted by in­creased mort­gage pro­duc­tion and global mar­kets lifted by strong per­for­mance in fixed in­come, cur­ren­cies and com­modi­ties trad­ing.

Large US banks have re­sponded to the low-in­ter­est rate en­vi­ron­ment by cutting ex­penses, which fell 3.2 per­cent to US$13.5 bil­lion. Banks have also ben­e­fit­ted from mod­er­ate, but steady, growth in the US econ­omy.

“Strong client ac­tiv­ity and good ex­pense dis­ci­pline com­bined to drive pos­i­tive op­er­at­ing lever­age as we con­tinue to op­ti­mise and strengthen our bal­ance sheet,” said chief fi­nan­cial of­fi­cer Paul Donofrio. Net profit rose 6.6pc to $4.5 bil­lion. Revenues in­creased 3.1pc to $21.6 bil­lion. –

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