3 months ago
Key Takeaways
- Bank of America shares roseate Tuesday aft reporting amended second-quarter gross and profit than analysts had projected.
- Net liking income, however, was little than nan aforesaid clip past year, arsenic Bank of America joins different banks that precocious reported drops to NII successful nan 2nd quarter.
- The bank's finance banking operations were a root of maturation arsenic user banking gross slipped 3% year-over-year.
Bank of America (BAC) shares roseate Tuesday arsenic second-quarter gross and profit hit estimates contempt somewhat lower net liking income (NII) than analysts were anticipating.
The slope reported nett income of $6.9 billion, aliases 83 cents per share, beneath past year's marks but still amended than nan $6.6 billion, aliases 79 cents per share, that analysts had projected, according to estimates compiled by Visible Alpha.
Revenue besides hit estimates arsenic it grew astir 1% year-over-year to $25.4 billion, which Bank of America credited to higher fees, on pinch improved income and trading revenue. However, NII dropped 3% to $13.7 billion, narrowly beneath nan $13.79 cardinal analysts expected, arsenic Bank of America continued a inclination of little NII that started successful last week's slope earnings arsenic greater deposit costs offset nan use of higher liking rates.
Wealth Management, Investment Banking Drive Growth
Consumer banking gross slipped 3% to $10.2 billion, but wealthiness guidance gross grew 6% to $5.6 billion, and finance banking fees surged 29% to $1.6 billion.
Bank of America's rivals JPMorgan Chase (JPM), Goldman Sachs (GS), Wells Fargo (WFC), and Citigroup (C) besides reported higher second-quarter gross from their finance banking activities successful caller days.
Bank of America shares roseate 3.6% to $43.41 arsenic of 9:55 a.m. ET Tuesday. They are up complete 28% successful 2024.
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