Bank of America CEO Brian Moynihan will leave the U.S. Capitol on Thursday, February 13, 2025 after meeting with Republicans from the Senate Bank, Housing and Urban Affairs Committee on the issue of de-emergence.
Tom Williams | CQ-Roll Call, Inc. |Getty Images
Bank of America The second quarter mixed results on Wednesday violated revenue estimates and revenue losses.
Here’s what the company reported:
Revenue: 89 cents per share 86 cents per share LSEG Estimated: $266.1 billion vs. Forecast $267.2 billion
The company said profits rose about 3% from the previous year at $7.12 billion, or 89 cents per share, surpassing the 86 cents estimate.
Revenues rose from about 4% to $266.1 billion as the company generated $14.82 billion in net interest income.
The company said the NII, the difference between what banks pay to depositors and what they get from loans and investments, rose about 7% in the quarter as deposits and loan growth was offset by lower interest rates compared to a year ago.
CEO Brian Moynihan pointed to a bigger trend in the bank, saying it was the fourth consecutive quarter that NII has risen amid rising deposit growth and lending growth.
“Consumers have healthy spending and quality of assets, and increased utilization of commercial borrowers,” Moynihan said. “And we saw good momentum in the market business.”
Bank shares rose about 5% this year before Wednesday.
on tuesday, jpmorgan, Citigroup and Wells Fargo Each posted results that have overcome analysts’ revenue and revenue expectations.
This story is developing. Please check for updates.
