Bank of America profit rises on loan growth

Bank of America Corp reported a 10% increase in quarterly profit on Wednesday as a healthy U.S. economy boosted demand for loans. Net income applicable to common shareholders rose to $7.11 billion, or 74 cents per share, in the second quarter ended June 30 from $6.47 billion, or 63 cents per share, a year earlier.

Revenue, net of interest expense, was up about 2% at $23.08 billion. Analysts had expected a profit of 71 cents per share and revenue of $23.2 billion, according to IBES data from Refinitiv, but it was not immediately clear if the numbers were comparable.