The Bank of America Q2:F17 earnings and Citigroup Q2:F17 earnings reports were released before opening bell this morning. Bank of America posted earnings of 46 cents per share on $22.8 billion in revenue, compared to the consensus estimates of 43 cents per share and $21.9 billion. In last year’s second quarter, the bank posted $21.3 billion in revenue and 41 cents per share in earnings.
Goldman Sachs posted earnings of $3.95 per share on $7.89 billion in revenue, compared to the consensus estimates of $3.38 per share and $7.5 billion in revenue. In last year’s second quarter, the firm reported $3.72 per share in earnings on $7.9 billion in revenue.
Bank of America Q2:F17 earnings
Consumer Banking net income surged 21% year over year to $2 billion on the back of an $18.6 billion increase in loans and $56.3 billion increase in deposits. Global Wealth Management and Investment Management net come jumped to a new record of $804 million. Global Banking revenue increased to a record high $5 billion as loans grew $10.7 billion.
After the Bank of America Q2:F17 earnings report, the company’s stock fell by as much as 0.75% to $23.84 in premarket trades.
Goldman Sachs Q2:F17 earnings
Goldman Sachs’ investment banking revenue fell 3% year over year to $1.73 billion, while Institutional Client Services revenues fell 17% to $3.05 billion. The firm’s FICC trading revenue plunged 40% to $1.16 billion. Investing and lending revenue surged 42% to $1.58 billion. Investment management revenue grew 13% to $1.53 billion, as assets under supervision grew to a record of $1.41 trillion. Equity trading revenue rose 8% year over year to $1.89 billion, the highest quarterly results in two years. Debt underwriting revenues amounted to $721 million, the third highest quarterly performance.
After the Goldman Sachs Q2:F17 earnings report, the firm’s stock fell by as much as 0.87% to $227.27 in premarket trading.
