New York — Brian Moynihan’s efforts to boost Bank of America profit through cost-cutting finally got some help from interest rates. The lender posted the highest net income in six years as the CEO cut expenses more than forecast and net interest income rose to the highest since 2011. Moynihan and his executives have promised for years that the bank will boost revenue from lending whenever interest rates rise. And on that front, the lender — viewed by investors as the US bank most affected by rate changes — just barely beat expectations. Net interest income, which makes up about half the North Carolina-based firm’s revenue, rose 1.6% from the previous quarter as the US Federal Reserve has raised interest rates three times since December. During his seven years as CEO, Moynihan has worked to reduce legal costs that dogged the firm after it acquired Merrill Lynch & Company and troubled mortgage lender Countrywide Financial. The lender has spent $70bn on legal bills since the financial ...
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