Shares of Bank of America (NYSE: BAC) traded nearly 5.5% higher as of 12:05 p.m. ET today after several large banks reported earnings this morning and as stocks in general traded higher.
Bank of America peers Wells Fargo (NYSE: WFC) and Citigroup (NYSE: C) reported earnings this morning, and the one most pertinent to Bank of America is Wells Fargo, given they are both large commercial lenders.
Wells Fargo saw net interest income (NII), the profits banks make on loans, securities, and cash after funding those assets, jump nearly 11% in the second quarter from the first quarter, as interest rates continued to rise. Average loans grew roughly 3% from the first quarter, driven by a surge in commercial balances. Average commercial loans in Q2 were up more than 4%.
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Why Shares of Bank of America Are Rising Today