Bank of America income, revenues fall in Q2

By Ovunc Kutlu

NEW YORK (AA) – Bank of America's net income and revenue decreased during the second quarter, the company announced Monday.

Net income fell 17.7 percent to $4.2 billion from $5.1 billion compared to the same quarter a year ago.

Revenue were also down -- 7.3 percent to $20.4 billion during the April-June period, from $22 billion.

"We had another solid quarter in a challenging environment," Brian Moynihan, chairman and CEO, said in a statement.

"We continued to invest in core growth areas and to manage expenses, which were down 3 percent year over year to a level not seen since 2008," he added.

Shares of Bank of America were up as much as 4.2 percent to $14.23 on the stock exchange following the announcement, after closing at $13.66 in the previous session.