Bank of America profit rises 35 percent on tax cuts, loan growth

(Reuters) - Bank of America Corp reported a 35 percent rise in quarterly profit on Monday as the second-largest U.S. lender benefited from tax cuts, while growth in lending helped it offset lower bond trading revenue.

Net income applicable to common shareholders rose to $6.7 billion, or 66 cents per share, in the third quarter ended Sept. 30 from $4.96 billion, or 46 cents per share, a year earlier.

Analysts on average were expecting the bank to earn 62 cents per share, according to I/B/E/S data from Refinitiv. It was not immediately clear if the numbers were comparable.

Non-interest expense fell 2.4 percent to $13.07 billion.

 

(Reporting by Siddharth Cavale in Bengaluru; Editing by Anil D'Silva)