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Bank of America on Monday reported mixed results for the second quarter of this year, as its profits fell as expenses related to regulatory issues rose, while revenue rose better than expected.
The bank reported a 32% drop in earnings to $6.25 billion, or 73 cents a share, for the quarter ended June 30, compared to a year earlier, and it announced about $425 million in expenses related to regulatory matters.
The bank said last week that it had been fined $225 million by US regulators for unfair practices related to handling unemployment benefits and other payments during the “Covid-19” pandemic.
However, the bank’s revenue rose 5.6% to $22.79 billion, beating expectations of $22.67 billion, as net interest income rose 22% to $12.4 billion driven by higher interest rates and loan growth.
