Brian Moynihan, Chief Executive Officer of Bank of America.
Kristoffer Tripplaar for The Washington Post via Getty Images
Bank of America’s second-quarter earnings came in lower than expected on Monday as the market sell-off took a toll.
BofA’s global banking arm saw its profit fall sharply as activity slowed due to the high uncertainty in markets.
JPMorgan and Morgan Stanley’s earnings both missed expectations last week, but Citigroup’s results impressed investors.
Bank of America’s second-quarter earnings narrowly missed expectations on Monday, with the slump in stock markets over the three months leading to a slowdown in activity in its investment banking arm.
BofA’s earnings per share came in at $0.73, below the $0.75 expected by analysts and down from $1.03 in the same quarter a year earlier.
Net income, or profit, fell to $6.2 billion in the first quarter, BofA’s results showed on Monday. That was down sharply from $9.2 billion in the second quarter of 2021.
Chair and CEO Brian Moynihan said the global banking section had seen a slowdown in capital market activity, but the consumer section had been boosted by higher interest rates.
Here are the key figures:
Earnings per share of $0.73, vs. $0.75 estimated by analysts.Revenue of $22.79 billion vs. $22.86 billion estimated.Net income of $6.2 billion, vs. $9.2 billion a year earlier.Global banking net income of $1.51 billion, vs. $2.43 billion a year earlier.
Shares in Bank of America were last trading down 0.3% at $32.15 in Monday’s pre-market session.