Bank of America Exceeds Profit Expectations, Slightly Misses Revenue Forecast

Bank of America (BAC) reported better second-quarter profits than analysts had projected, while revenue and net interest income fell slightly short. The firm earned $0.89 per share in the second quarter, beating estimates by 4 cents. Revenue was up 4% from a year ago to $26.46 billion, slightly below analyst consensus. Net interest income rose 7% year-over-year to $14.67 billion, just below the forecasted $14.71 billion.

CEO Brian Moynihan highlighted consumer resilience, healthy spending, and commercial borrower utilization rates. Bank of America shares were down about 1%, up 5% since the year's start. The bank topped estimates last quarter, with strong performance from business clients and consumer resilience. Bank stocks rose after the Federal Reserve's stress test showed U.S. banks could survive a recession. JPMorgan Chase, Citigroup, and Wells Fargo reported solid results.

This article has been updated to reflect new share price information.

According to the source: Investopedia.