Bank of America (BofA) recorded a profit of $3.2 billion during the second quarter, up on the $3.1 billion seen during the first three months of the year.
The figure was the equivalent of 27 cents per share when compared with $0.33 recorded in the same period the previous year.
According to the financial institution, the statistics were the result of lower costs surrounding credit, the sale of non-customer facing assets and a new focus on strengthening “key business linesâ€.
The performance beat forecasts from Thomson Reuters, which anticipated a profit of $2.3 billion or 22 cents per share.
However, the bank reported that these results were offset by increased costs surrounding bonus payments in the UK and a decline in profits from trading accounting.
Brian Moynihan, chief executive officer and president at BofA, said: “Our quarterly results show that we are making progress on our strategy to align around our three core customer groups - consumers, businesses, and institutional investors - and create the financial institution that customers tell us they want, built on a broad relationship of clarity, transparency, and helping them manage through challenging times.â€
Further findings from the bank showed that BoFA extended its credit facility to $174 million during the second quarter of the year.
By Jim Ottewill
The figure was the equivalent of 27 cents per share when compared with $0.33 recorded in the same period the previous year.
According to the financial institution, the statistics were the result of lower costs surrounding credit, the sale of non-customer facing assets and a new focus on strengthening “key business linesâ€.
The performance beat forecasts from Thomson Reuters, which anticipated a profit of $2.3 billion or 22 cents per share.
However, the bank reported that these results were offset by increased costs surrounding bonus payments in the UK and a decline in profits from trading accounting.
Brian Moynihan, chief executive officer and president at BofA, said: “Our quarterly results show that we are making progress on our strategy to align around our three core customer groups - consumers, businesses, and institutional investors - and create the financial institution that customers tell us they want, built on a broad relationship of clarity, transparency, and helping them manage through challenging times.â€
Further findings from the bank showed that BoFA extended its credit facility to $174 million during the second quarter of the year.
By Jim Ottewill
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