Bank of America achieves net income of $4bn in Q2

A cost-cutting programme and better conditions in capital markets helped Bank of America achieve a second-quarter profit of 4 billion dollars, the company said. The quarterly profit was 63-per-cent higher than the same period in 2012. The bank’s revenue grew to 22.9 billion dollars, a 3-per-cent gain, led by higher net interest income. The second-largest US bank said deposit balances were up 4 per cent companywide from the year-ago quarter to 1.1 trillion dollars. The cost-cutting programme reduced the payroll at Bank of America from 275,000 employees a year ago to 257,000.