Bank of America said Friday its second-quarter net income rose 15 percent to $2.78 billion as improvements in the company’s consumer loan businesses made up for a drop in trading revenue.
The bank’s results beat expectations and provided further evidence that losses from failed loans at the nation’s big banks may have peaked in the first half of 2010. Bank of America says it reserves to cover losses from loans fell 17 percent from the first quarter of this year and 39 percent from a year ago. JPMorgan Chase & Co. on Thursday also reported improvements in its consumer loan business.
