Bank of America Corp beat analysts' estimates for second-quarter profit on Monday, with healthy consumer spending and strong demand for loans limiting the hit to its investment banking business.
BofA executives also painted a sunny outlook for consumer spending going forward, allaying fears that decades-high inflation is taking a toll on consumer spending.
Bank of America's net interest income, a metric that measures the difference between the interest earned on loans and the amount paid out on deposits, jumped 22%, or $2.2 billion, to $12.4 billion in the reported quarter. Bank of America's shares, which have fallen nearly 28% so far this year, were down marginally in premarket trading.
"Our U.S. consumer clients remained resilient with continued strong deposit balances and spending levels," Chief Executive Officer Brian Moynihan said.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'No choice but to go nuclear': Bank of Canada issues a supersized rate hikeThe Bank of Canada has raised its interest rate by 1%, the biggest jump since 1998. What does this mean for Canadians, especially
Read more »
Posthaste: Bank of Canada's shock rate hike comes with 'significant risks,' economists warnBank of Canada\u0027s 100\u002Dbasis\u002Dpoint interest rate hike aims at a soft landing for Canada\u0027s economy, but economists say there are risks. Read on
Read more »
Posthaste: Bank of Canada's shock rate hike comes with 'significant risks,' economists warnBank of Canada\u0027s 100\u002Dbasis\u002Dpoint interest rate hike aims at a soft landing for Canada\u0027s economy, but economists say there are risks. Read on
Read more »
Quarterly federal carbon price rebates appear in bank accounts with vague labelsPrime Minister Justin Trudeau is promoting the payments in various whistle stops in the Ottawa area Friday, calling them a way to 'bring Canadians along' in the fight against climate change without causing them financial hardship
Read more »
What economists are saying about Bank of Canada's steep rate increaseICYMI: What economists are saying about Bank of Canada's steep rate increase — via financialpost inflation rateincrease economy
Read more »
Bank of Canada chief sees inflation 'a little over' 8% as soon as next weekThe Bank of Canada expects inflation to go \u0022a little over\u0022 8%, as soon as next week, Tiff Macklem said in a transcript released Friday.
Read more »