Bank of America Corp. BAC,
He said Thursday that he had a net income of $ 3.5 billion, or 37 cents a share, in the second quarter, down from $ 7.3 billion, or 74 cents a share, in the prior-year period. The number was affected by a $ 4 billion accumulation in loan loss provisions during the coronaivirus pandemic. Revenue fell to $ 22.3 billion from $ 23.1 billion. The FactSet consensus was for EPS of 28 cents and revenue of $ 21.8 billion. “The robust results of the capital markets provided a significant counterweight to the COVID-19 related impacts on our consumer business,” Chief Executive Brian Moynihan said in a statement. Net interest income fell 11% to $ 10.8 billion, driven by lower interest rates. Non-financial income increased 5% to $ 11.5 billion, driven by strong results in the capital markets. Sales and trade revenue increased 28% to $ 4.2 billion, as FICC revenue (fixed income, foreign exchange, and commodities) increased 50% to $ 4.2 billion, and stock revenue increased 7% to $ 1.2 billion. Investment banking fees rose 57% to a record $ 2.2 billion, amid a record capital increase by companies seeking to increase liquidity during the pandemic. Shares fell 2% pre-market and fell 30% in the year to date, while the S&P 500 SPX,
it has fallen 0.1%.
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