Bank of America (BAC) churned out more profits and revenue in the second quarter after a surprisingly strong showing from its Wall Street unit and a solid performance from its consumer businesses.
Net income was up 19% compared to the year-earlier period, to $7.4 billion. Revenue rose 11%, to $25.2 billion.
“We continue to see a healthy US economy that is growing at a slower pace, with a resilient job market,” said CEO Brian Moynihan.
The results from the nation’s second-largest bank are the latest demonstration of how high interest rates and the surprising strength of the US consumer continue to help some of the largest US lenders even as regional banks struggle.
It also managed to buck a trend of slower dealmaking and trading that is plaguing a number of other big banks.
They were up at Bank of America when compared to the year-earlier period. It claims it had “zero trading loss” days during the first half of the year and the highest first-half sales and trading revenue in over a decade.
What also helped Bank of America was that it reported a sizable increase in its net interest income compared to the year-earlier period. That measures the difference between what banks earn on their loans and pay out on their deposits.
That figure rose 14%, to $14.3 billion.
JPMorgan, Wells Fargo and Citigroup all reported jumps in this key measure of profitability.
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