Bank of America said Tuesday its profits fell in the second quarter, as higher interest rates ate into expenses, including its large consumer banking franchise. But like Goldman Sachs, Bank of America saw a resurgence of activity in its investment banking division, which helped make up for some of the weakness in other parts of the business.
A Bank of America ATM is seen, Wednesday, Feb. 3, 2021, in Winchester, Mass. Bank of America said Tuesday, July 16, 2024, its profits fell in the second quarter, as higher interest rates ate into expenses, including its large consumer banking franchise. But like Goldman Sachs, Bank of America saw a resurgence of activity in its investment banking division, which helped make up for some of the weakness in other parts of the business.
The Charlotte, North Carolina-based bank said Tuesday it earned a profit of $6.9 billion, compared with $7.4 billion in the same period a year earlier. On a per share basis, BofA earned 83 cents, beating analysts’ estimates. The bank saw fewer credit losses and delinquencies than its competition, only increasing the money it set aside for loan losses by a modest amount.
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