Bank of America’s (BAC.N) second-quarter profit beat Wall Street estimates as it earned more from customers’ loan payments while investment banking and trading fared better than expected.
The second-largest U.S. lender projected its net interest income (NII) would increase 8% this year after it rose 14% in the second quarter, it said on Tuesday.
Bank of America joined rivals JPMorgan Chase (JPM.N) and Wells Fargo (WFC.N) in reaping windfalls from charging clients higher interest rates as the Federal Reserve raised borrowing costs to rein in stubborn inflation.
Read More : BofA Reports Surging Profit Driven by Interest Income and Investment Banking Gain