April 16 (Reuters) - Bank of America Corp reported a 6 percent rise in quarterly profit on Tuesday, as a growing loan book and cost cuts made up for a drop in revenue in investment banking.
Net income applicable to common shareholders rose to $6.87 billion, or 70 cents per share, in the first quarter ended March 31 from $6.49 billion, or 62 cents per share, a year earlier.
Analysts on average were expecting the bank to earn 66 cents per share, according to IBES data from Refinitiv. It was not immediately clear if the numbers were comparable.
Revenue, net of interest expense, was flat at $23 billion and was below analysts’ expectations of $23.30 billion. (Reporting by Siddharth Cavale in Bengaluru; Editing by Anil D’Silva)