Bank of America earns $2.78B in 2nd quarter
Bank of America says its second-quarter net income rose 15 percent to $2.78 billion as improvements in the company's consumer loan businesses made up for a drop in trading revenue.
The bank's results, released Friday, beat expectations and provided further evidence that losses from failed loans at the nation's big banks may have peaked in the first half of 2010. Bank of America says it reserves to cover losses from loans fell 17 percent from the first quarter of this year. JPMorgan Chase & Co. on Thursday also reported improvements in its consumer loan business.
Bank of America earned 27 cents per share during the April-June period after paying preferred dividends. A year ago, it earned $2.42 billion, or 33 cents per share. Analysts expected profit of 22 cents per share in the most recent quarter, according to Thomson Reuters.
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