Bank of America surpassed analyst estimates with higher-than-expected earnings per share and revenue in its second-quarter financial report. Net profit declined due to a drop in net interest income amid rising interest rates. Investment banking fees increased 29%, beating estimates, helped by higher dealmaking activity. Asset management fees were up 14% as stock markets recovered. Wealth management revenue grew 6%, matching estimates. Shares rose 2% on the earnings beat and guidance that net interest income has bottomed out.
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00:00It's Benzinga and here's what's on the block.
00:03Bank of America surpassed analyst estimates with higher-than-expected earnings per share
00:06and revenue in its second quarter financial report.
00:10Net profit declined due to a drop in net interest income amid rising interest rates.
00:15Investment banking fees increased 29%, beating estimates helped by higher dealmaking activity.
00:20Asset management fees were up 14% as stock markets recovered.
00:24Wealth management revenue grew 6%, matching estimates.
00:28Investors rose 2% on the earning speed and guidance that net interest income has bottomed
00:32out.
00:33To all things money, visit Benzinga.com.