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
Bank of America’s net interest income rose 9% year over year to $11 billion, coming up a bit shy of the consensus at $11.4 billion. Higher interest rates and loan growth drove the segment’s increase. Sales and trading revenue amounted to $3.2 billion. FICC revenue tumbled 14% year over year, while equities revenue grew 3%.
ValueWalk's Raul Panganiban interviews Dr. Kathryn Kaminski, Chief Research Strategist at AlphaSimplex, and discuss her approach to investing and the trends she is seeing in regards to quant investing and hedge funds. Q1 2021 hedge fund letters, conferences and more The following is a computer generated transcript and may contain some errors. Interview with AlphaSimplex's Read More
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.