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CHARLOTTE, N.C., April 15: Bank of America Corp., the No. 3 US banking company, on Monday posted a 17 per cent rise in quarterly profits as low interest rates cut the bank’s own borrowing costs and helped mortgage loan growth.
US interest rates remain low, helping demand for loans like mortgages and reducing the rates at which banks themselves borrow in order to fund new loans. Steady deposit growth has also given banks another cheap way to fund new loans.—Reuters
