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Bank of America sees profits climb

18th Apr 17 2:23 pm

How did the bank do it?

Profits at the Bank of America managed to climb in the first quarter of the year, this is due to gains in its global banking unit.

The US bank stated that its net income was $4.35bn (£3.44bn) in the quarter, this up a massive 44 per cent on the same period as last year.

As well as this JP Morgan Chase and Citigroup also reported higher profits for the first- quarter last week.

Chief executive of the Bank of America, Brian Moynihan, said: “The US economy continues to show consumer and business optimism, and our results reflect that,”

As well as this the firm said profits for its global banking unit were $1.7bn in the period. Total revenue managed to increase by seven per cent to $22.2bn.

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