Bank of America’ Corp.’s BAC second-quarter earnings beat Wall Street expectations, sending the megabank’s stock up by 0.8% in premarket trades on Tuesday. Bank of America said its profit for the three months ended June 30 rose to $7.4 billion, or 88 cents a share, from $6.2 billion, or 73 cents a share, in the year-ago quarter. The bank powered past the analyst forecast of 84 cents a share, according to estimates compiled by FactSet. Bank of America’s second-quarter revenue rose 11% to $25.2 billion, ahead of the Wall Street estimate of $24.98 billion. Bank of America’s stock price has fallen by 11.2% in 2023, compared to a 17.8% gain by the S&P 500 SPX and a 1.1% gain by the Financial Select Sector SPDR ETF XLF.
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