Bank of America's quarterly profit rises 11 percent

Bank of America Corp , the second-largest U.S. lender by assets, reported an 11 percent rise in quarterly profit on Tuesday as net interest income increased.

Net income attributable to shareholders rose to $4.91 billion in the second quarter ended June 30 from $4.42 billion a year earlier.

Earnings per share rose to 46 cents from 41 cents.

Analysts on average had expected earnings of 43 cents per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the figures were comparable.

Total revenue, net of interest expense, rose 7.2 percent to $22.83 billion.

BofA, considered the most interest-rate sensitive among banks, benefited from the Federal Reserve`s move to hike interest rates for the third time since the second quarter of last year.

JPMorgan Chase & Co , Wells Fargo & Co and Citigroup Inc reported better-than-expected profits on Friday, helped by higher interest rates.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)