Bank of America's Q2 profit fell 7% to $6.9bn due to higher interest rates affecting net interest income.
Bank of America's Q2 profit fell 7% to $6.9bn, as higher interest rates weighed on its lending businesses, with net interest income declining 3% to $13.7bn. The bank's total revenue rose 1% to $25.4bn. While the bank's trading desks benefitted from a strong stock market, higher rates impacted its net interest income due to intense competition for customers' cash and challenges faced by borrowers keeping up with loan payments.
July 16, 2024
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