Bank of America shares fell after the chief financial officer told analysts that net interest income would probably fall this year PETER FOLEY/EPABank of America has posted its largest ever quarterly profit after a strong performance by its consumer bank offset weakness in trading. Higher interest rates allowed the lender to make more money on loans, and last year’s corporate tax cut helped it to grow its top-line first quarter profit to $7.3 billion even as revenue fell slightly. Bank of America, valued at $288 billion, is the second biggest lender in the US after JP Morgan, valued at $357 billion, which on Friday last week reported the largest ever quarterly profit for a US bank. Bank of America’s results round out a mixed quarter for the big four US lenders, which also comprises Wells Fargo and Citigroup. Consumer banking was generally a bright spot, with the…

Source: The Times April 16, 2019 16:07 UTC