Agence France-PresseApril 17, 2013 08:16
Bank of America Wednesday reported a six-fold increase in first-quarter earnings based on lower expenses and improved credit quality.
The US banking giant said net income was $2.3 billion on revenues of $23.7 billion, compared with $328 million on revenues of $22.5 billion in the year-earlier quarter.
The better results were driven in part by $1 billion less in expenses due to company efforts to "streamline processes" and fewer costs related to service delinquent loans. The company had about 16,000 fewer employees in March 2013, compared with the year-ago period.