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BofA profit beats estimates on higher interest rates, loan growth

Reuters 

By Sweta Singh and Elizabeth Dilts(Reuters) - Bank of America reported a 34 percent rise in first-quarter profit on Monday, topping Wall Street estimates, as the lender benefited from higher interest rates and growth in loans and deposits.Revenue rose at three of BofA's four major businesses. In consumer banking, its biggest business, revenue increased 9 percent as higher interest rates helped BofA charge more for loans while keeping deposit rates low.Profit also got a boost from Chief Executive Officer Brian Moynihan's efforts to cut costs as well as lower tax expenses following President ...

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First Published: Mon, April 16 2018. 18:49 IST
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