The Clap
Bank of America benefited from rising interest rates in Q2, but profit was still affected by $425 million in regulatory expenses.
The Deets
Revenues had exceeded expectations, recorded at $22.79 billion. This is more than the expected $22.67 billion that analysts expected.
This could be explained mainly by the net interest income which increased by 22% to $12.4 billion.
The bank’s profits declined, however, by 32% to $6.25 billion.
Why this matter?
This news had pushed the stock of Bank of America down by around 1%.
In addition to that, Bank of America was ordered to pay fines of $225 million this past Friday..
Bank of America shooting above the standard ↗️
