Bank of America announced its second-quarter earnings, which came in at 88 cents per share, compared to Refinitiv's estimates of 84 cents per share.The bank's revenue totalled $25.33 billion, above the expected $25.05 billion.Bank of America on Tuesday reported second-quarter profit and revenue that exceeded expectations due to increased interest income. Net income rose by 19% to $7.41 billion, or 88 cents a share, while revenue rose 11% to $25.33 billion. Net interest income rose 14% to $14.2 billion, matching analyst predictions. BofA also benefited from its Wall Street operations with fixed income trading revenue increasing by 18% to $2.8 billion and equities trading slipping only 2% to $1.6 billion. Despite surpassing expectations, BofA shares dropped by 11% this year and the company was hit by a fine from the Consumer Financial Protection Bureau. However, most other big banks, including JPMorgan Chase, Citigroup, Wells Fargo and Morgan Stanley, reported earnings that beat estimates. Goldman Sachs rounds out big bank earnings Wednesday.
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