Bank of America net income jumps 19%, extending the rally for big banks

Bank of America said its profits grew 19% last quarter, the latest of the big banks to see its bottom line boosted by higher interest rates. The nation’s second-largest bank by assets posted a profit of $7.4 billion in the three months ended June 30, up from $6.2 billion in the same period a year earlier. On a per-share basis, BofA earned 73 cents, the same figure as one year ago. Analysts were expecting profit of 84 cents per share. Revenue of $25.2 billion came in just ahead of targets. Bank of America’s net interest income rose 14% to $14.2 billion in the second quarter.