Bank of America’s net income rose 27% year-over-year to $9.1 billion, driven by strong investment banking and trading growth.
Bank of America reported second-quarter adjusted earnings of $1.21 per share, surpassing the $1.12 estimate. Revenue climbed 15% to $31.6 billion, exceeding expectations of $30.67 billion and up from $27.4 billion a year earlier.
Net income increased 27% to $9.1 billion, compared with $7.2 billion in the same period last year. Investment banking fees surged 50% to $2.1 billion, while sales and trading revenue rose 33% to $7.1 billion. Net interest income grew 9% to $16.0 billion, supported by higher loan and deposit balances.
CEO Brian Moynihan stated all business segments reported double-digit net income growth and strong returns on equity. Shares moved higher in premarket trading following the results.