Bank of America reported second-quarter earnings that exceeded Wall Street expectations, driven by resilient consumer spending, strong capital markets activity, and growth in wealth and investment management assets. Earnings per share came in at $1.21, beating the consensus estimate of $1.13, while revenue rose 15% from a year ago. Net interest income on a fully taxable equivalent basis was $16.2 billion, matching estimates, and noninterest income reached $15.6 billion, above the $14.6 billion consensus. The provision for credit losses was $1.37 billion, lower than the $1.51 billion expected. Despite the beat, the stock dipped 0.8% in premarket trading.
Bank of America CorpQ2 earnings beat estimates on higher revenue and lower credit losses