Bank of America on Monday said second-quarter results benefited from rising interest rates, but profit took a hit from about $425 million in expenses tied to regulatory matters.
Profit dropped 32% to $6.25 billion, or 73 cents a share, from a year earlier as the firm took a $523 million provision for credit losses. A year ago, the bank had a $1.6 billion benefit as borrowers proved more creditworthy than expected.
