Bank of America Profit Beats as Consumer Unit Offsets Deals Drying Up

Bank of America Profit Beats as Consumer Unit Offsets Deals Drying Up
A Bank of America logo in the Manhattan borough of New York on Jan. 30, 2019. Carlo Allegri/Reuters
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Bank of America Corp beat analysts’ estimates for second-quarter profit on Monday, with healthy consumer spending and strong demand for loans limiting the hit from its investment banking business.

Executives at the second-largest U.S. bank painted an overall positive outlook for consumer spending going forward, saying that despite decades-high inflation, spending continues to grow, albeit at a slower pace.