Bank of America CEO Brian Moynihan testifies before the Senate Banking, Housing and Urban Affairs Committee on September 22, 2022 in Washington, DC.
Al Drago | Bloomberg | Getty Images
Bank of America It reports second-quarter earnings before the opening bell on Tuesday.
The company’s report compared Wall Street expectations, according to a Refinitiv survey of analysts:
- Earnings per share: 88 cents vs. 84 cents expected
- Revenue: $25.33 billion vs. $25.05 billion expected
While analysts expected Bank of America to be one of the biggest beneficiaries of rising interest rates, that’s not the case. The company’s net interest income, one of the main drivers of the bank’s income, has been under pressure recently due to slowing loan and deposit growth.
Bank of America shares have fallen about 11 percent this year, compared with a roughly 20 percent decline for the KBW Bank Index.
This month, the Consumer Financial Protection Bureau said it fined the Charlotte, North Carolina-based bank for abusive customer practices, including fake accounts and bogus fees. Analysts are likely to ask CEO Brian Moynihan whether the problem has been resolved.
on Friday, JPMorgan, Citigroup and FuGuo bank Both companies reported earnings that topped analysts’ expectations amid rising interest rates. Morgan Stanley Results are due later on Tuesday, and Goldman Sachs Big banks report earnings on Wednesday.
The story is developing. Please check for updates.