Bank of America is set to announce second-quarter earnings Tuesday at 6:45 a.m.
Wall Street estimates the firm will announce earnings of $US0.43 per share, a 17% increase from last year.
Here’s what else analysts are expecting:
- Net income of $US4.7 billion, an 18% increase from last year.
- Revenues of $US21.8 billion, a 5% increase from last year.
- Like other big banks, trading income is expected to take a hit.
Bank of America’s results will follow a generally strong showing from peers JPMorgan, Wells Fargo, and Citigroup last week. Each of the big banks beat estimates, with JPMorgan hauling in record earnings from its commercial banking and asset and wealth management units.
Trading revenues have faltered across Wall Street, and Bank of America is expected to follow suit. The company said it anticipates a 10% to 12% decline in trading income from last year.
The Charlotte-based bank posted strong results in the first quarter, including record investment-banking fees.
Goldman Sachs will report earnings later Tuesday morning.
Get the latest Bank of America stock price here.