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BofA reports better than expected 2Q results

19 July 17 - RE+D Magazine
BofA reports better than expected 2Q results

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Antulio Richetta

Director IBI Group
Bank of America Corp reported a higher-than-expected quarterly profit on strength in its consumer bank and cost cuts that are beginning to bear fruit after years of branch closures, staff cuts and efforts to reduce technology and paper-related expenses.

 

Overall, Bank of America hit a target of spending 60 cents for every dollar of revenue it produces, down from 63 cents a year earlier.

According to investopedia.com, investors have been watching that metric closely as a sign of how efficiently the bank is run.

Bank of America, the second-largest U.S. lender by assets, is working to reduce annual operating expenses to $53 billion next year. Bank of America delivered net income of $4.9 billion, or 46 cents per share, up 11 percent from the year-ago period.

Analysts had been expecting 43 cents, on average, according to Thomson Reuters I/B/E/S. The bank's total revenue of $23.07 billion also beat the average analyst estimate of $21.78 billion.

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