 posted a higher-than-expected quarterly profit on Tuesday, despite a fall in trading revenue.){kind=link}
Bank of America (NYSE:BAC) posted a higher-than-expected quarterly profit on Tuesday, despite a fall in trading revenue.
Revenue rose in three of its main businesses, with net interest income rising 8.6 percent to $10.99 billion in the second quarter. Earnings per share came in at 46 cents, above analysts’ estimates of 43 cents.
The bank’s total revenue of $23.07 billion also beat estimates, which were forecast to be around $21.78 billion.
Bank of America’s performance was driven by its consumer banking business, its largest unit, which posted the strongest revenue increase. The weakest performance was seen by its global markets business, which had been affected by the slowdown in bond trading reported by several big banks this quarter.
Bank of America have benefited from the Federal Reserve’s decision hike interest rates three times this year, being one of the most rate-sensitive of the big American banking institutions.
The bank’s report follows Citigroup and JP Morgan’s mixed results, which kicked off the US bank earnings season on Friday.