Bank of America profits grow, supported by reserves

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NEW YORK (Reuters) – Announced Bank of America Today, Wednesday, second-quarter profits jumped 173 percent after the reserves it held last year at the height of the pandemic were released, but revenues remained weak, as the bank indicated to higher spending.
The bank’s net profit attributable to common shareholders rose to $8.96 billion, or $1.03 per share, from $3.28 billion, or 37 cents per share.
Bank of America, the second largest bank in the United States by assets, released $2.2 billion in reserves during the quarter, indicating an improved outlook for the economy, but less than the $2.7 billion in reserves the bank set aside in the previous quarter.
Overall, revenue, after excluding interest costs, fell 4 percent to $21.5 billion.




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