BofA Quarterly Profits Rise 8%, Beating Analysts' Expectation
Bank of America reported a profit of $7.3 billion for the quarter that ended June 30. That was even with the first quarter but up 8% from a year ago, mainly on higher profits in its consumer bank.
Earnings per share of 74 cents beat the 70-cent average estimate of Wall Street analysts surveyed by Zacks Investment Research.
The profit was driven in part by rising loan income. BofA said both loans and deposits grew during the quarter. But earnings in the company's Global Banking and Global Markets divisions declined from a year ago.
Revenues at the Charlotte-based bank were $23.1 billion, up from $22.5 billion a year ago.
Chairman and CEO Brian Moynihan said in a press release that based current business trends, the company has a positive view of the economy.
"Our view of the economy reflects the activity by the one-in-two American households we serve, which points to a steadily growing economy," Moynihan said. "We see solid consumer activity across the board, with spending by Bank of America consumers up five percent this quarter over the second quarter of last year."
Bank of America shares were up as the market opened Wednesday.