Bank of America profit rises 6 pct on growing loan book

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.