BAC - Bank of America Says It's Poised to Start Growing Its Net Interest Income Again. Is It Time to Buy the Stock?
2024-07-19 08:15:00 ET
Shares of Bank of America (NYSE: BAC) jumped Tuesday after the bank reported mixed second-quarter results, but indicated that it expects its net interest income to start growing again soon. Net interest income is the difference between the interest a bank earns from its loans and the interest it pays out on its deposits, and is an important metric for banks.
When Bank of America delivered that report before the opening bell Tuesday, the headline trends were strong investment banking and wealth management growth, but declining net interest income.
Overall, its profits fell by 7% to $6.9 billion, or $0.83 per share, compared to $7.4 billion, or $0.88 per share, in the prior-year period. Revenue edged up 1% to $25.4 billion.
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Bank of America Says It's Poised to Start Growing Its Net Interest Income Again. Is It Time to Buy the Stock?