Bank of America reduces profit by 34% in the second quarter

MADRID, 18 Jul. (EUROPA PRESS) -

Bank of America recorded an attributed net profit of 5,932 million dollars (5,880 million euros) in the second quarter of 2022, which represents a drop of 33.8% compared to the result recorded a year earlier, as reported by the entity.

Bank of America's net turnover between April and June 2022 reached 22,688 million dollars (22,489 million euros), 5.7% above the bank's income in the second quarter of last year.

Specifically, net interest income increased by 21.6% in the second quarter, to 12,444 million dollars (12,335 million euros), while fee income fell by 8.8%, to 10,244 million dollars ( 10,154 million euros).

However, between April and June Bank of America was forced to provision 523 million dollars (518 million euros) to face the increase in credit risk, while in the same interval of 2021 it registered a positive effect of 1,621 million dollars (1,607 million euros).

In this way, in the first half of the year the entity obtained a net attributable profit of 12,532 million dollars (12,422 million euros), 24% lower than in the first half of 2021, while the bank's net turnover it increased by 3.7%, to 45,916 million dollars (45,512 million euros).

In the first six months of 2022, the entity provisioned 553 million dollars (548 million euros) in contrast to the positive effect of 3,481 million dollars (3,450 million euros) registered in the first six months of last year.

"Strong client activity across our businesses, coupled with higher interest rates, fueled strong net interest income growth and enabled us to perform well in a weakening capital markets environment," said Brian Moynihan, Chairman and CEO of Bank of America.