Brian Moynihan, CEO of Bank of America, leaves the U.S. Capitol after a meeting with Republican members of the Senate Banking, Housing and Urban Affairs Committee on the issue of debanking on Thursday, February 13, 2025.
Tom Williams | Cq-roll Call, Inc. | Getty Images
Bank of America on Wednesday posted mixed results for the second quarter, beating estimates on earnings and missing on revenue.
Here’s what the company reported:
- Earnings: 89 cents a share vs. 86 cents per share LSEG estimate
- Revenue: $26.61 billion vs. expected $26.72 billion
The company said profit climbed about 3% from a year earlier to $7.12 billion, or 89 cents per share, topping the 86 cent estimate.
Revenue climbed about 4% to $26.61 billion, below analysts’ expectations, as the firm generated $14.82 billion in net interest income, missing estimates by $70 million.
The company said that NII, which is the difference in what a bank pays its depositors and what it earns from loans and investments, rose about 7% in the quarter as deposit and loan growth were offset by lower interest rates compared to a year ago.
CEO Brian Moynihan pointed to the larger trends at his bank, saying that it was the fourth consecutive quarter that NII rose amid rising deposits and loan growth. Big American banks have benefited from strong trading results and consumer credit that has held up in the first six months of the year.
“Consumers remained resilient, with healthy spending and asset quality, and commercial borrower utilization rates rose,” Moynihan said. “In addition, we saw good momentum in our markets businesses.”
Shares of the bank have climbed roughly 5% this year before Wednesday.
On Tuesday, JPMorgan, Citigroup and Wells Fargo each posted results that topped analysts’ expectations for earnings and revenue.
This story is developing. Please check back for updates.
