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Bank of America Profit Rises 30% on Tax Cuts, Interest Rates

April 16, 2018

Via: TheStreet

Bank of America Corp. (BAC) , the giant U.S. bank, said first-quarter profit surged 30% as taxes decreased following President Donald Trump’s cuts in the corporate rate, while higher interest rates boosted lending revenue.

Bank of America’s net income rose to $6.9 billion from $5.3 billion a year earlier, according to a statement Monday from the Charlotte, North Carolina-based bank. Earnings per share climbed to 62 cents, beating the 59-cent average estimate of analysts in a survey by database provider FactSet.

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