Bank of America reports decline in income for Q2 2024

(MENAFN) Bank of America, the US-based multinational investment bank and financial services firm, reported a decline in its income for the second quarter of this year, as outlined in its financial results statement released on Tuesday. For the period spanning April to June, the bank recorded a net income of USD6.9 billion, which represents a decrease of 6.7 percent compared to the USD7.4 billion earned during the same quarter last year.

In contrast, the bank's total revenue showed a slight increase, reaching USD25.4 billion, a rise of 0.8 percent from the USD25.2 billion reported in the previous year. Brian Moynihan, the Chair and CEO of Bank of America, indicated that the overall increase in revenue was primarily driven by the performance of the Consumer Banking segment, along with growth in the Global Markets, Global Banking, and Wealth Management divisions. He noted that the Global Markets sector achieved its ninth consecutive quarter of year-over-year revenue growth in sales and trading, earning impressive double-digit returns.

On the New York Stock Exchange, Bank of America’s stock price saw an increase of 1.77 percent shortly after the market opened at 9:33 AM EDT (13:33 GMT), reflecting a positive market response to the earnings report.

MENAFN17072024000045015839ID1108448589