Bank of America posts 2Q profit, surpasses Street
CHARLOTTE - Bank of America has joined other big banks this week in reporting a big second-quarter profit.
Bank of America's profit of $2.42 billion, or 33 cents per share, beat Wall Street forecasts. Analysts had expected the bank to earn 28 cents per share.
The company, like Goldman Sachs Group Inc. and JPMorgan Chase & Co., said it had a handsome profit from its trading business. The company acquired Merrill Lynch & Co. this year.
But, like JPMorgan Chase, it did report continuing losses from failed loans. Bank of America said recorded a $13.4 billion provision for loan losses during the second quarter.
Bank of America also said its mortgage revenue rose following its acquisition of lender Countrywide Financial Corp.
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