Bank of America (NYSE:BAC) delivered second-quarter earnings that beat expectations, supported by continued strength in net interest income and robust performance in trading, although total revenue came in just shy of forecasts.
The bank reported net income of $7.1 billion, or $0.89 per share, surpassing the consensus estimate of $0.86. Revenue rose 4% year-over-year to $26.5 billion, narrowly missing the $26.75 billion target.
Net interest income grew 7% to $14.7 billion, marking the fourth straight quarter of sequential gains. The increase was driven by fixed-rate asset repricing, ongoing deposit and loan growth, and higher activity in Global Markets, partially offset by the impact of lower interest rates.
Consumer Banking posted net income of $3.0 billion on revenue of $10.8 billion, reflecting 6% growth from the prior year. Global Markets sales and trading revenue climbed 14% to $5.3 billion, extending a streak of 13 consecutive quarters of year-over-year growth.
CEO Brian Moynihan emphasized the company’s steady execution, highlighting consistent loan growth and deposit momentum as key contributors to the quarter’s solid results.
