Watch CBSN Live

Citi, Bank of America Join Profit Parade

Bank of America has joined other big banks this week in reporting a hefty second-quarter profit.

Also, Citigroup earned $3 billion in the second quarter, a much stronger result than losses forecast by analysts.

Bank of America's profit of $2.42 billion, or 33 cents per share, beat Wall Street forecasts. Analysts had expected the bank to earn 28 cents per share.

The company, like Goldman Sachs Group Inc. and JPMorgan Chase & Co., said it had a handsome profit from its trading business. The company acquired Merrill Lynch & Co. this year.

But, like JPMorgan Chase, it did report continuing losses from failed loans. Bank of America said recorded a $13.4 billion provision for loan losses during the second quarter.

Bank of America said its mortgage revenue rose following its acquisition of lender Countrywide Financial Corp.

View CBS News In
CBS News App Open
Chrome Safari Continue
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.