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Bank of America profits drop due to US tax reform hit

Published by Yahoo on Wed, 17 Jan 2018


Bank of America reported better-than-expected fourth-quarter earnings Wednesday on solid loan growth and a lift from higher interest rates, despite a hefty one-time hit associated with US tax reform. Higher interest rates boosted results, enabling the bank to make more money on the loans it grants to banks and customers. "Client activity was strong across all of our businesses in 2017," said chief financial officer Paul Donofrio.
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