The New York Times reports Bank of America reports a big profit, and Citi and Wells Fargo beat expectations.

From The New York Times:

Americans are ramping up spending. That’s good for big banks’ bottom lines.

Bank of America said on Wednesday that its profit rose to $9.2 billion in the second quarter — more than double its earnings of $3.5 billion a year earlier, thanks in part to releasing some of the money it had set aside last year. Two other major lenders on Wednesday, Citigroup and Wells Fargo, reported profit and revenue that beat analysts’ expectations.

“Our customers are seeing good growth opportunities in a recovering economy,” Brian Moynihan, Bank of America’s chief executive, told analysts on a conference call. “The important thing is we’re seeing increased activity,” he said, citing consumer spending and rising deposits since the first quarter, when the country was still emerging from a worrisome winter and vaccination programs were just ramping up.

The company’s losses from consumers not paying back their debts fell to the lowest rates in 25 years, while balances on loans grew for the first time since the beginning of last year, according to the bank’s chief financial officer, Paul Donofrio. It also released $2.2 billion from a rainy-day fund that it had set aside for a predicted wave of defaults that never emerged, thanks to robust government stimulus efforts that helped keep many Americans afloat.

Continue reading Bank of America reports a big profit, and Citi and Wells Fargo beat expectations. on The New York Times

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