Bank of America, Goldman Sachs income rise in Q2

By Ovunc Kutlu

NEW YORK (AA) - Bank of America and Goldman Sachs saw their second quarter earnings rise, according to the banks' financial results on Tuesday.

At Bank of America, net income soared 10 percent to $5.27 billion, from $4.78 billion in the same quarter a year ago.

"Against modest economic growth of 2 percent, we had one of the strongest quarters in our history," CEO Brian Moynihan said in a statement.

Revenues also increased 7 percent to $22.8 billion in the April-June period, from $21.3 billion.

Goldman Sachs’ net income rose 0.5 percent to $1.83 billion, from $1.82 billion.

“A mixed operating environment persisted into the second quarter ... while constraining certain market-making activity,” Chairman and CEO Lloyd C. Blankfein said in a statement.

Revenues fell 0.5 percent to $7.89 billion, from $7.93 billion.

As financial results of both banks failed to meet market expectations, their shares decreased on the stock market on Tuesday.

Bank of America lost 1.3 percent to $23.70 per share around 1630GMT, while Goldman Sachs was down 2.4 percent to $223.67 on the U.S. stock market.