Bank of America sees income falling in 2nd quarter

By Ovunc Kutlu

ISTANBUL (AA) – US-based multinational investment bank and financial services company Bank of America saw its income decreasing in the second quarter of this year, according to its financial results statement released Tuesday.

The multinational investment bank and financial services corporation posted net income of $6.9 billion in April-June period, down 6.7% from $7.4 billion in the same period last year.

Total revenue, on the other hand, came in at $25.4 billion, slightly up 0.8% from $25.2 billion, during that period.

Chair and CEO Brian Moynihan said in the statement that the increase in income was led by Consumer Banking business, followed by growth in Global Markets, Global Banking, and Wealth Management businesses.

"Our Global Markets business delivered its ninth consecutive quarter of year-over-year revenue growth in sales and trading, earning double-digit returns," he added.

Bank of America's stock price was up 1.77% on the New York Stock Exchange at 9.33 a.m. EDT (1333GMT) shortly after opening bell.