Bank of America Corp. posted its quarterly earnings report on
Monday with profit results topping analyst expectations.
The second largest U.S. bank by assets reported a high
profit in each of its four main businesses as bond-trading revenue rallied more
than estimates, amid quarterly earnings that were pulled back down by unrelenting
low interest rates.
BAC shares, which had initially topped 19% this year, gained
3 cents to $13.69 in New York.
North Carolina-based lender The Charlotte announced a net
income decline of 21% at $4.23 billion, or 36 cents a share for the second
quarter, compared with $5.13 billion or 45 cents a share in the same period
last year. The latest results comprised 6 cents a share in market-related
charges.
Surveyed analysts from Reuters and Bloomberg had an average
estimate of 33 cents per share.
Revenue tumbled 2.4% to $20.4 billion from $21.96 billion in
2015. Adjusted revenue was $20.6 billion, as analysts estimated $20.41 billion.
Meanwhile, shares climbed 0.4% pre-market. Global
wealth-management profit added 7.9% to $722 million.
