Earning summary:

• Earnings per share (EPS): 83 cents, exceeding expectations by 80 cents
• Revenue: $25.54 billion, higher than expected $25.22 billion
• Profits down: Due to a decrease in net interest income, profit decreased by 6.9% compared to the previous quarter to $6.9 billion

Bank of America released its second quarter financial report on Tuesday, which showed that the company's earnings and revenue exceeded market expectations.

In the second quarter, Bank of America's earnings per share were 83 cents, higher than LSEG's expected 80 cents. Revenue reached 25.54 billion US dollars, a year-on-year increase of less than 1%, higher than the expected 25.22 billion US dollars. The company's net profit decreased by 6.9% compared to the previous quarter to $6.9 billion, mainly due to a decrease in net interest income in a high interest rate environment.

Among them, the revenue of the investment banking department increased by 29% to 1.56 billion US dollars, exceeding the expected 1.51 billion US dollars. Asset management revenue increased by 14% to $3.37 billion, which is basically in line with expectations.

Net interest income decreased by 3% to $13.86 billion, in line with expectations. The latest estimate from Bank of America shows that net interest income will increase to approximately $14.5 billion in the fourth quarter of this year, which has boosted investor confidence to some extent. This also confirms the view previously told by senior executives of the bank to investors that net interest income may bottom out in the second quarter.

When Wells Fargo (WFC) released its net interest income data last Friday, its stock price fell due to lower than expected results, indicating investors' level of importance attached to net interest income.

Bank of America's stock rose 5.4% due to market optimism about future net interest income growth.