BofA profit drops on lower interest income, outlook lifts shares

Quick Summary:

Bank of America's second-quarter profit fell as income from interest on loans shrank and provisions for potential credit losses jumped, but a better-than-expected forecast for net interest income sent the bank's shares higher in premarket trade.

Its wealth and investment management unit also fetched 6% higher revenue and saw 10% growth in client balances to a record of more than $4 trillion.

Mergers and acquisitions are also gaining momentum, boosting advisory fees for investment banks.

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Article Details

Category: EconomyBusiness

Markets: MalaysiaThailand

Topics: BofA /Business/Business News Corporate News Bank of America Banking

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-16 @ 19:45:00 (4 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 427 words

Reading Time: 3 minutes read

Sentences: 18 lines

Sentence Length: 24 words per sentence (average)

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Copyright Owner: © The Star

News ID: 21652054

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