“Bank of America swung to a profit from April through June and beat Wall Street expectations. It set aside the least money to cover bad loans since 2007, well before the financial crisis.
The bank said Wednesday that it made $2.1 billion in the second quarter, or 19 cents per share. Analysts polled by FactSet, a provider of financial data, had expected 16 cents.
Bank of America stock climbed 11 cents, or 1.4 percent, to $8.03 in premarket trading.
The bank set aside $1.8 billion in the quarter to cover bad loans, down 46 percent from a year earlier and a sign that the bank expects more customers to repay loans on time. It was the lowest figure since the first quarter of 2007.
Revenue was $22.2 billion, lower than analysts’ expectation of $22.8 billion. Revenue last year was $26.5 billion after excluding mortgage-related charges.”
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