Bank Of America Misses Q3 Earnings Forecast As Deal-Making Fees Slump
Strong customer demand across all of our industries, along with increased interest rates,
Produced significant net interest income growth and helped us operate effectively in a downturn in the capital markets, according to CEO Brian Moynihan.
Bank of America (BAC) reported second-quarter results that were worse than anticipated.
Quarterly revenue Monday's fall in investment banking washed over significant net interest income growth.
Bank of America said profit for the three months ended in June were tabbed at 73 cents per share,
The bank said that group sales increased 6% from the prior year to $22.7 billion, broadly in line with analysts' projections.
as net interest income -- a key metric for bank profits -- rose 22% to $12.4 billion thanks
to the general rise in interest rates from the Federal Reserve. Due to a decline in worldwide dealmaking, investment banking fees fell by 47%.