Bank of America profits up by 11%

Bank of America Corp, the second- biggest US bank, said first-quarter profit rose 11% as consumer lending increased and fees from money management and investment banking rose.

Net income increased to $2.68 billion, or $1.83 a share, from $2.42 billion, or $1.59 a share, according to a company statement. The bank said revenue rose 6.9% to $9.5 billion.

Bank of America chief executive officer Kenneth Lewis, 57, has emphasised consumer lending, which increase 20% in the quarter. The bank opened almost twice as many checking accounts as a year earlier and more than quadrupled new savings accounts.