Bank of America records profit rise

18 July 2013

The Bank of America has posted a 70 per cent leap in quarterly profit.

Chief executive Brian Moynihan has been attempting to turn around the bank's fortunes in recent months and it appears to be paying off with a boost in profit.

It was helped by high stock trading revenue and lower levels of expenses within the firm. Retail brokerage and asset management income increased by 38 per cent, while trading income, excluding an accounting adjustment, rose by 57 per cent.

Retail and small business banking income gained 15 per cent, with the company's shares moving up 1.3 per cent to $14.10 before the end of trading

Second quarter net income at the bank rose to $3.57 billion from $2.1 billion in the same time period last year.

Chief financial officer Bruce Thompson said: "We are doing more business with our customers and clients and gaining momentum across every custom group we serve."

By Claire Archer

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