Bank of America has today reported a big jump in quarterly earnings in results that were lifted by a major drop in legal expenses from the same time last year.
Earnings for the second quarter were $5.3 billion, up from $2.3 billion in the 2014 quarter, when the company had a $4 billion charge for litigation expenses. Revenues rose 1.8% to $22.34 billion.
Bank of America had higher consumer banking profits behind increased deposits and lower expenses.
But earnings fell in other divisions. Profits in global banking fell as strong loan growth was offset by lower investment banking income.
Earnings in global markets also dropped as fixed income, currency and commodities trading revenues fell, offset by gains in equity trading.
"Solid core loan growth, higher mortgage originations and the lowest expenses since 2008 contributed to our strongest earnings in several years, as we continued to build broader and deeper relationships with our customers and clients," said chief executive Brian Moynihan.
"We also benefited from the improvement in the US economy, where we are particularly well positioned," he added.
