STOCK MARKET WATCH -- Thursday, 16 July 2015

[Demeter]

5. Bank of America profits jump to $4.99 billion as legal costs drop sharply

WHO WOULD HAVE THOUGHT THAT ACTING WITHIN THE LAW COULD BE "PROFITABLE"?
(AT LEAST, UNTIL ONE HAS REWRITTEN OR GUTTED THE LAW, OF COURSE)

http://finance.yahoo.com/news/bank-america-profits-jump-legal-112138845.html

Bank of America's profits more than doubled in the second quarter thanks to lower legal costs and progress in resolving problems stemming from the financial crisis.

The consumer banking giant earned $4.99 billion after payments to preferred shareholders, the bank said Wednesday, up from $2.04 billion a year earlier. The bank earned 45 cents per share, compared with 19 cents per share a year earlier.

BofA's consumer banking division, its largest business by revenue and profit, earned $1.7 billion, up modestly from $1.63 billion a year earlier. The bank said an increase in deposits, lower expenses and an improving balance sheet helped offset a decline in revenue.

Financial analysts surveyed by FactSet expected the bank to earn 36 cents per share, a figure which typically excludes one-time items. Revenue rose to $22.1 billion from $21.75 billion...