Bank of America’s (BAC.N), opens new tab second-quarter profit dropped as higher deposit costs pushed its interest income lower, but the results beat analysts’ estimates, boosted by investment banking and trading.
Shares climbed more than 4% after BofA also forecast better-than-expected net interest income (NII) – the difference between what banks earn on loans and pay out on deposits – for the fourth quarter.
CEO Brian Moynihan cited growth in new consumer checking accounts for the 22nd consecutive quarter in a conference call with analysts. He began the call by wishing former U.S. president Donald Trump speedy recovery after an assassination attempt on Saturday.
Source: REUTER
