Bank of America reports second-quarter 2018 financial results

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.


More in this Section

Ulster Bank customers to be charged every time they use their card

Board set up to improve banking culture 'rigged' in industry's favour: John McGuinnness

No Consent, No Sale bill 'should be no-brainer'

Job of the Week: Bus Éireann


Review: Theatre, Ulster American

Review: Beyoncé, Homecoming

Wish List: Mellow yellow in the bedroom and beyond

10 ways to help protect your child’s online reputation

More From The Irish Examiner