Jul. 14 at 12:58 PM
Bank of America shares slipped in premarket trading despite reporting strong second-quarter results that comfortably exceeded Wall Street expectations. The bank posted net income of
$9.1 billion, or
$1.21 per share, up 27% year over year and above the
$1.12 consensus estimate, while revenue rose to
$31.6 billion, beating expectations of
$30.67 billion on the back of robust trading activity and a rebound in investment banking.
The quarter was driven by record sales and trading revenue of
$7.1 billion, including a 70% jump in equity trading revenue to
$3.6 billion and a 9% increase in fixed-income trading to
$3.5 billion. Investment banking fees climbed 50% to
$2.1 billion amid stronger M&A activity, while net interest income rose 9% year over year to
$16 billion, benefiting from the higher-rate environment. Despite the impressive results.
$BAC