Bank of America: 2Q Earnings Snapshot
CHARLOTTE, N.C. (AP) _ Bank of America Corp. (BAC) on Wednesday reported second-quarter earnings of $7.35 billion.
The Charlotte, North Carolina-based bank said it had earnings of 74 cents per share.
The results exceeded Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 70 cents per share.
The nation’s second-largest bank posted revenue of $29.12 billion in the period. Its revenue net of interest expense was $23.08 billion, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $22.97 billion.
Bank of America shares have increased 18% since the beginning of the year, while the Standard & Poor’s 500 index has increased 20%. The stock has declined almost 3% in the last 12 months.