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BofA Investment Bankers, Traders Help Earnings Top Estimates

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Bank of America Corp.’s Wall Street operations performed better than expected as the company reaped the benefits of volatile markets while net interest income topped analysts’ estimates.

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The second-largest US bank said that net interest income, a key source of revenue for the company, fell 2.9% to almost $14 billion. Analysts had expected a 3.4% drop for NII, the revenue collected from loan payments minus what depositors are paid. Last week, JPMorgan Chase & Co. and Wells Fargo & Co. both reported earnings that beat analysts’ estimates, with executives pointing to a surge in investment banking and trading boosting results. Both banks said that, despite pressure to net interest income, they expect they are nearing a trough in the closely watched figure.

 

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