Bank of America posted its earnings of 81 cents per share, surpassing the Street consensus forecast of 77 cents per share. The figure, however, is -4.7% lower from the year-ago quarter.
The bank’s revenues climbed + 8% year-over-year to $24.5billion, compared to analysts’ expectations of $22.87 billion tally.
Net interest income climbed +24% from the year-ago quarter to $13.8 billion. The bank’s total loans were up +12%. Investment banking fees plunged -46% amidst concerns about an economic slowdown.
The bank added $378 million to its loan-loss reserves, compared with a reserve release of $1.1 billion a year earlier.