Bank of America reports second-quarter 2018 financial results

Bank of America reports second-quarter 2018 financial results

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Bank of America’s profits jumped 33% in the second quarter as it cut costs and got a boost from Donald Trump’s tax reforms. The investment banking titan reported earnings of 6.78 billion US dollars (€5.8bn), up from 4.75 billion US dollars (€4.1bn), beating analyst forecasts.

Bank of America has benefited in recent years from an improving balance sheet, with nearly all of the toxic assets from the financial crisis now gone. Like other big banks, BofA saw its tax bill drop substantially following the passage of President Trump’s tax law last year.

BofA paid 1.71 billion US dollars (€1.46bn) in income tax in the quarter, down from 3.02 billion US dollars (€2.58bn) in the same period a year earlier.

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