NEW YORK, Jan 19 — Bank of America Corp reported a better-than-expected 30 per cent jump in quarterly profit today, as it benefited from loan growth as well as record-breaking M&A volumes that helped drive its investment banking business.
Combined spending on credit and debit cards grew 22 per cent to US$212 billion in the latest quarter, the bank said. Bank of America’s net interest income , a metric that measures the difference between the interest earned on loans and paid out on deposits, rose nearly 11 per cent to US$11.41 billion.
Bank of America also released US$851 million from its reserves for pandemic-related losses that did not materialize.
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