Bank of America profit rises as consumer bank hits profit ‘milestone’
Chief Executive Officer Brian Moynihan spoke glowingly of a broad turnaround in the consumer business that began in 2009, calling its $2 billion in quarterly profit a “milestone” on a call with analysts on Tuesday. The business recently has been benefiting from the cost cuts as well as improved technology, growth in deposits and a focus on higher-quality borrowers, Moynihan said. In the second quarter, the division managed to increase deposits at a lower cost and use those cheaper funds to fuel loan growth, helping it to record a higher profit than any other unit.
Source:: https://finance.yahoo.com/news/bank-americas-quarterly-profit-rises-110016931.html
