Jul. 14 at 9:06 PM
Bank of America reported better-than-expected second-quarter results, driven by record equity trading revenue and a strong rebound in investment banking activity. Equity trading revenue surged 70% year over year to
$3.6 billion, while fixed-income trading rose nearly 9% to
$3.5 billion, marking a record first half for the bank's sales and trading division.
Investment banking revenue reached
$2.2 billion, topping expectations, as M&A advisory fees jumped nearly 68% to
$558 million amid a resurgence in dealmaking and IPO activity. Diluted earnings per share came in at
$1.21, exceeding analysts' estimates of
$1.12. The bank also benefited from strong debt and equity capital markets businesses, with debt underwriting revenue totaling
$1.1 billion and equity capital markets revenue reaching
$535 million.
$BAC