September 12, 2017 / 7:00 PM / 9 months ago

Bank of America sees more modest interest income rise in Q3

(Reuters) - Bank of America Corp (BAC.N) expects a more modest increase in net interest income than it had forecast at the end of the second quarter, Chief Financial Officer Paul Donofrio said Tuesday at an industry conference.

People use drive-thru Bank of America ATMs in Pasadena, California, U.S., September 6, 2017. REUTERS/Mario Anzuoni

While the bank will get a boost from a Federal Reserve rate hike in June, longer-term interest rates set by the market have declined, which Donofrio said will have a negative effect. The bank also increased the rate it is paying its wealth management clients on deposits during the quarter, Donofrio said.

Reporting by Dan Freed; Editing by Jonathan Oatis

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