Bank of America profits fall 19% as interest income drops

Bank of America Corp. (NYSE: BAC) yesterday reported a 19.4 percent drop in profits for the second quarter, primarily due to decreased interest income.

The second-largest U.S. bank reported net income of $3.87 billion as of June 30, down 24 percent from $4.8 billion in the first quarter. Net interest income declined 12 percent to $9.2 billion.

Bank of America's earnings per share were 37 cents - excluding items - above analysts’ expectations of 33 cents per share.

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