Bank of America Slips Despite Beating Estimates in Q2
Bank of America (NYSE: BAC) reported an estimates-beating second quarter on Thursday, but its shares fell due to a generally gloomy outlook for the banking sector as the coronavirus pandemic surges and intensifies across most of the United States.
For the quarter, the bank's revenue came in at $22.3 billion, which was 3% below its Q2 2019 result. Net profit fell by 52% year over year to $3.5 billion ($0.37 per share). Both total loans and leases and deposits rose, with the former increasing by 4% to slightly under $1 trillion, and the latter up 25% to over $1.7 trillion.
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Source Fool.com
