Bank of America reports better than expected Q2 profits

Bank of America-Merrill Lynch turned a smaller profit in the second quarter as the low interest rate environment continued to prove a drag on its performance.

Charlotte, North Carolina-based Bank of America reported a 17.5% decline in net profits from a year ago to reach $4.23bn or 36 cents per share.

Adjusted revenues came in at $20.6bn.

Analysts had anticipated EPS of 33 cents on the back of $20.41bn in revenues.

As of 11:59 BST shares in the lender were 0.44% higher at $13.72.