Business

Bank of America profit up nearly fivefold

Brian Moynihan is CEO of the number two US bank.
Brian Moynihan is CEO of the number two US bank.David L. Ryan/Globe Staff/2012

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Bank stocks rose after Bank of America Corp. said its quarterly profit surged to $3.44 billion, nearly a fivefold increase. On a per-share basis, the bank earned 29 cents, beating the 26 cents expected by analysts. Revenue rose to $22.32 billion from $19.6 billion. The loans on its balance sheet continue to improve, and the bank’s provision for credit losses fell to $336 million, from $2.2 billion in the same period a year earlier. Even its mortgage division, which took huge losses after the housing bubble popped, improved.

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