Bank of America Profit Falls 32%
Bank of America earned $6.2 billion in the second quarter, down from $9.2 billion a year earlier.
Photo: Justin Sullivan/Getty Images
Bank of America Corp.
said Monday that its second-quarter profit declined 32%.
The second-largest U.S. bank earned $6.2 billion, down from $9.2 billion a year earlier. Per-share earnings of 73 cents missed the 75 cents that analysts polled by FactSet had expected.
Revenue increased 6% from a year ago to $22.7 billion, slightly below analysts’ expectations.
Last week, JPMorgan Chase & Co.,
Wells Fargo & Co. and
all reported double-digit drops in profit. Executives at the country’s largest banks said there is more uncertainty than usual about where the economy is headed.
Some bank executives believe a recession is on the horizon, and that the Federal Reserve’s attempts to curb inflation with interest-rate increases could help spark the downturn. Investors are watching bank earnings closely because they are viewed as a bellwether for the broader economy.
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