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(Reuters) - Bank of America reported a 34 percent rise in first-quarter profit on Monday as it benefited from higher interest rates and loan growth.
The second-largest U.S. bank by assets said net income attributable to shareholders rose to a record $6.49 billion in the three months ended March 31 from $4.84 billion a year earlier. Earnings per share rose to 62 cents from 45 cents. (https://bit.ly/2qCLx19)
Total revenue, net of interest expense, rose about 4 percent to $23.28 billion.
In the bank's biggest business - consumer banking - revenue rose 9 percent to $9.03 billion, helped by strong deposit and loan growth.
Higher interest rates helped BofA charge more for loans while keeping deposit rates low. The lender relies heavily on higher interest rates to maximize profits as it has a large stock of deposits and rate-sensitive mortgage securities.
(Reporting by Sweta Singh in Bengaluru and Elizabeth Dilts in New York; Editing by Saumyadeb Chakrabarty)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)