Bank of America reported second-quarter net income of $9.1 billion, up 27% from a year earlier, as a record quarter for its stock-trading desk and a rebound in dealmaking drove revenue to $31.6 billion, up 15%.
Diluted earnings per share came in at $1.21, up 34% from the year-ago quarter
Analysts had expected earnings per share of $1.13 and revenue of $30.8 billion, according to Barron’s. The bank’s Global Markets division was the standout performer. Equities trading revenue surged 70% to $3.6 billion, with the bank citing robust client activity and gains in both derivatives and cash products.
Fixed-income, currencies and commodities revenue rose 9% to $3.5 billion. Combined, total sales and trading revenue reached $7.1 billion, up 33% year over year, marking the 17th consecutive quarter of year-over-year growth. Investment banking also contributed to the quarter’s strength.