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BofA Counters Trading Slump With Gains in Consumer Banking

  • Lender’s second-quarter profit boosted by lower provisions
  • Trading revenue falls 10% as Wall Street-wide slump hits firm
Bloomberg business news
Bank of America Delivers Record Second-Quarter Profit
Updated on

Bank of America Corp.’s consumer bankers extended their winning streak for another three months.

Gains in the retail division helped drive overall profit to a record for a fifth consecutive quarter as mortgage activity surged and provisions for bad loans posted a surprise drop from the first quarter. The trading division, where revenue declined 10% in the second quarter, fell victim to the same slump its bigger rival JPMorgan Chase & Co. suffered during the period.