Top US banks report double-digit profit growth last quarter
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Four of the largest U.S. banks said their profits grew by double-digits last quarter, as a healthier U.S. economy has allowed banks to have fewer bad loans and charge-offs.
But the results for Citigroup, Bank of America, Wells Fargo and Morgan Stanley benefitted from one-time boosts to their profits, and low interest rates remain a significant headwind for Wall Street's financial titans.
Bank of America said net income rose 58% to $7.26 billion, or 85 cents a share. That topped the estimates of Wall Street analysts who were looking for earning per share of 70 cents, according to FactSet. Meanwhile Wells Fargo posted a 59% jump in profit from a year earlier.
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