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BAC Revenue Q2 2021 – News

Financial institution of America, CEO, Brian Moynahan

Scott Murin | CNBC

Bank of America Shares fell after recording second-quarter earnings under analysts’ expectations.

Right here’s how one can financial institution.

Income: $ 1.03 per share. This features a $ 2 billion non permanent tax incentive. It wasn’t instantly clear how that quantity would match the analyst’s 77-cent estimate surveyed by Refinitiv.

Income: $ 21.6 billion, just under the estimated $ 21.8 billion.

Lenders mentioned their earnings had been down year-on-year as web curiosity earnings fell 6% attributable to decrease rates of interest. Shares fell 2.3% in pre-market buying and selling.

Like different lenders, Financial institution of America secured billions of {dollars} in credit score losses final 12 months when a wave of defaults related to the coronavirus pandemic was anticipated. As a substitute, authorities stimulus appears to have prevented a lot of the feared losses, and banks have begun to launch reserves this 12 months.

Nonetheless, given the gradual development in business loans this 12 months, analysts will need to hear concerning the outlook for loans within the second half of the 12 months by CEO Brian Moynihan.

On Tuesday with JP Morgan Chase Goldman Sachs Backed by robust income from Wall Avenue’s advisory efforts, every posted outcomes that exceeded expectations.

Financial institution of America shares rose 31% this 12 months earlier than Wednesday, outpacing a 16% rise within the S & P 500 Index.

This story is creating. Examine for updates.

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BAC Income Q2 2021

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