Bank of America profit beats estimates on cost cuts, loan growth
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(Reuters) - Bank of America Corp reported a better-than-expected rise in quarterly profit on Monday as the second-largest U.S. lender reined in costs, while higher interest rates and loan growth helped offset lower bond trading revenue.Like its peers, the bank has benefited from U.S. President Donald Trump's tax cuts and a rise in interest rates. A strong job market has also kept bad loans in check and borrowing healthy. BofA relies heavily on higher interest rates to maximize profits as it has..