Bank of America profits grow 15%, avoids industry crisis

By KEN SWEET
AP Business Writer

NEW YORK (AP) — Bank of America said its profits grew 15% last quarter, the latest of the big banks to do exceptionally well this earnings season as investors and consumers flock to Wall Street for safety after the failure of Silicon Valley Bank and Signature Bank. The nation’s second-largest bank by assets posted a profit of $8.2 billion, up from $7.1 billion in the same period a year earlier. On a per-share basis, BofA earned 94 cents, up from 80 cents in the same period a year ago. The results beat analysts’ expectations.