Bank of America’s Profit More Than Doubles, but Revenue Takes a Hit

 Bank of America’s Profit More Than Doubles, but Revenue Takes a Hit

Bank of America Corp.


BAC -2.51%

said the economic rebound helped to more than double its profit, but low rates weighed on its revenue.

The nation’s second-largest bank by assets posted earnings Wednesday of $9.22 billion in the second quarter, up from $3.53 billion a year earlier. The bank earned $1.03 a share, beating the 77 cents forecast by analysts polled by FactSet.

Bank of America’s bottom line was lifted by its decision to release $2.2 billion of reserves it had set aside during the depths of the coronavirus pandemic to protect against a wave of soured loans. Like peers including JPMorgan Chase & Co., Bank of America has been releasing its loan-loss stockpiles as the U.S. economy rebounds.

“Consumer spending has significantly surpassed pre-pandemic levels, deposit growth is strong and loan levels have begun…

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