Bank of America posts profit as fewer loans go bad

In the latest quarter Bank of America was helped by the improved performance of its loan portfolio. It wrote off $1.69 billion of loans, down from $4.12 billion a year earlier. With loans performing better and delinquencies falling across all consumer portfolios, it set aside $296 million to cover bad loans, compared with $1.77 billion in the same quarter last year.

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The second-largest U.S. bank also reported a 71 percent slide in mortgage income as higher interest rates made refinancing less attractive. Many of the bank's peers have also seen declines, but Bank of America's looked particularly dramatic.