Brian Moynihan, CEO of Bank of America Corp., testified before the Senate Banking, Housing and Urban Affairs Committee in Washington, D.C., on September 22, 2022.
Image Source: Al Drago | Bloomberg | Getty Images
Bank of America released its second-quarter earnings today before the opening bell.
Here is how the company’s earnings compared with the expectations of Wall Street analysts surveyed by Refinitiv:
- Earnings: 88 cents per share, exceeding the expected 84 cents
- Revenue: $25.33 billion, surpassing the expected $25.05 billion
Despite expectations that rising interest rates would benefit Bank of America, the company’s net interest income, a key driver of revenue for banks, has been under pressure due to slow loan and deposit growth.
Bank of America’s shares have declined approximately 11% this year, in contrast to the roughly 20% decline of the KBW Bank Index.
Earlier this month, the Consumer Financial Protection Bureau imposed fines on the bank for customer abuses, including the creation of fake accounts and the imposition of bogus fees. Analysts will likely inquire about the resolution of these issues during CEO Brian Moynihan’s appearance.
JPMorgan Chase, Citigroup, and Wells Fargo have all reported earnings that exceeded analysts’ expectations, benefiting from higher interest rates. Morgan Stanley is scheduled to release its results later today, while Goldman Sachs will conclude big bank earnings tomorrow.
This story is developing. Please check back for updates.
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