BofA profit drops on lower interest income, outlook lifts shares
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Bank of America's second-quarter profit fell as income from interest on loans shrank and provisions for potential credit losses jumped. Net interest income (NII) fell 3% to $13.7 billion in the second quarter. Provisions for credit losses rose to $1.5 billion from $1.1 billion a year earlier. The bank expects $14.5 billion in fourth-quarter NII, above estimates. Shares of the bank climbed 2.2% to $42.80. Investment banking fees jumped 29% to $1.6 billion. BofA's underwriting income jumped 32% in the second quarter of 2024, while fees from syndication surged 77%. Its wealth and investment management unit also saw 6% higher revenue and 10% growth in client balances to a record of more than $4 trillion.
#BankOfAmerica #Profit #InterestIncome #Outlook #Shares #Nii #CreditLosses #InvestmentBanking #Underwriting #Syndication #WealthManagement
https://www.thestar.com.my/business/business-news/2024/07/16/bofa-profit-drops-on-lower-interest-income-outlook-lifts-shares
The Star Online /
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2024-07-16 12:24:16
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2024-07-16 12:24:16Event JSON
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"content": "BofA profit drops on lower interest income, outlook lifts shares\n==========\n\nBank of America's second-quarter profit fell as income from interest on loans shrank and provisions for potential credit losses jumped. Net interest income (NII) fell 3% to $13.7 billion in the second quarter. Provisions for credit losses rose to $1.5 billion from $1.1 billion a year earlier. The bank expects $14.5 billion in fourth-quarter NII, above estimates. Shares of the bank climbed 2.2% to $42.80. Investment banking fees jumped 29% to $1.6 billion. BofA's underwriting income jumped 32% in the second quarter of 2024, while fees from syndication surged 77%. Its wealth and investment management unit also saw 6% higher revenue and 10% growth in client balances to a record of more than $4 trillion.\n\n#BankOfAmerica #Profit #InterestIncome #Outlook #Shares #Nii #CreditLosses #InvestmentBanking #Underwriting #Syndication #WealthManagement\n\nhttps://www.thestar.com.my/business/business-news/2024/07/16/bofa-profit-drops-on-lower-interest-income-outlook-lifts-shares",
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