Bank of America on Monday shared mixed second-quarter results, including $425 million in expenses tied to regulatory matters.
Here are the figures:
- Earnings per share: 73 cents. Estimate, according to Refinitiv, was 75 cents a share
- Revenue: $22.79 billion vs. $22.67 billion expected
Profit plummeted 32% to $6.25 billion, or 73 cents a share, from a year earlier as the firm took a $523 million provision for credit losses. Last year, the bank had a $1.6 billion benefit as borrowers proved more creditworthy than expected.
Revenue soared 5.6% to $22.79 billion, beating analysts’ expectations, as net interest income rose 22% to $12.4 billion on rising interest rates and loan growth.
Shares of the lender shed more than 1% in premarket trading.
“Solid client activity across our businesses, coupled with higher interest rates, drove strong net interest income growth and allowed us to perform well in a weakened capital markets environment,” CEO Brian Moynihan said in the release.
“Our U.S. consumer clients remained resilient with continued strong deposit balances and spending levels. Loan growth continued across our franchise, and our markets teams helped clients navigate significant volatility reflecting economic uncertainty.”