BofA’s Consumer Profit Jumps as Customers Boost Borrowing
- Bank increased loans to individuals faster than rivals
- Company’s second-quarter net income topped analysts’ estimates
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U.S. consumers are levering up again, and Bank of America Corp. is using that, along with cost cuts and lower taxes, to boost profit.
The company’s consumer unit posted its highest earnings in more than eight years in the second quarter, helping the lender top analysts’ estimates. Loans in that business climbed 6.6 percent compared with a year earlier, according to a statement Monday, outpacing growth at the company’s three largest rivals.