Bank of America Second-Quarter Profit Climbs
17 Juillet 2019 - 1:25PM
Dow Jones News
By Rachel Louise Ensign
Bank of America Corp. said Wednesday that second-quarter profit
rose.
Quarterly profit at the Charlotte, N.C.-based bank, the
second-largest in the U.S. by assets, was $7.35 billion, compared
with $6.78 billion a year earlier. Per share, earnings were 74
cents. Analysts polled by FactSet had expected 71 cents per
share.
Second-quarter revenue was $23.08 billion, up from $22.55
billion a year ago.
Higher interest rates have boosted banks' performance since the
Fed started raising them in late 2015. That is because banks were
able to charge borrowers more interest without having to
significantly increase payouts to depositors.
Bank of America paid 0.77% on U.S. interest-bearing deposits in
the second quarter, compared with 0.73% in the first quarter.
But now the Fed is signaling that it will move in the other
direction and cut interest rates as soon as this month, clouding
the outlook for banks' lending businesses.
Write to Rachel Louise Ensign at rachel.ensign@wsj.com
(END) Dow Jones Newswires
July 17, 2019 07:10 ET (11:10 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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