He Bank of America (Bofa) presented its balance sheet, the second largest bank in the United States, presented its balance sheet, as expected and the numbers reflected that earned US$15,569 million in the first half of the yeara 16.93% more than in the same period of the previous year. The bank’s shares rise 4.2% in operations on Wall Street.
The president and CEO of the bank, Brian Moynihansaid in a statement that this is one of the quarters and periods of net income for the first half of the year strongest in the company’s history.
And the results were above expectations of the markets and were driven by the high interest rates applied by the Federal Reserve (Fed) during the first part of this year to control inflation in the United States.
Fed interest rates boost bank revenue
As announced on Tuesday, the entity invoiced US$51,455 million between January and June, above the US$45,916 million that it had entered in the same period of the previous year. Just in the second trimester, Bank of America had a net profit of US$7,408 million, compared to US$7,132 million a year earlier.
“Continued organic client growth and client activity across all of our businesses complemented the beneficial impacts of higher interest rates and produced a 11% increase in revenue“, stressed Moynihan.
Bofa’s situation is similar to that reflected last week by the banks JPMorgan, Citigroup and Wells Fargo, which announced their results, also exceeded analysts’ expectations thanks to the high rates that the Fed has been applying.
Source: Ambito
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