Bank of America posts profit as fewer loans go bad

File photo of a woman walking past as customers use ATMs at a Bank of America banking center in New York's financial districtBy Peter Rudegeair (Reuters) – Bank of America Corp posted a higher-than-expected quarterly profit on Wednesday, fueled by growth in its consumer and wealth management arms, underscoring the bank's progress in businesses it picked up during the financial crisis. Profit at its largest unit, the consumer and business bank, soared 32 percent as revenue rose, credit costs fell, and the bank sold additional products to its existing customers. It issued more than one million credit cards during the quarter, the highest number since 2008, and nearly two-thirds went to existing customers. …

Business News Headlines – Yahoo! News

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