Bank of America Beats Expectations with Strong Q2 Earnings and Revenue Boosted By Investment Banking Fees

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Bank of America surpassed analyst estimates with higher-than-expected earnings per share and revenue in its second-quarter financial report. Net profit declined due to a drop in net interest income amid rising interest rates. Investment banking fees increased 29%, beating estimates, helped by higher dealmaking activity. Asset management fees were up 14% as stock markets recovered. Wealth management revenue grew 6%, matching estimates. Shares rose 2% on the earnings beat and guidance that net interest income has bottomed out.

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