Bank of America Corp. said Thursday it had net income of $3.5 billion, or 37 cents a share, in the second quarter, down from $7.3 billion, or 74 cents a share, in the year-earlier period.
The number was weighed down by a $4 billion build in loan loss provisions during the coronaivirus pandemic.
Revenue fell to $22.3 billion from $23.1 billion.
The FactSet consensus was for EPS of 28 cents and revenue of $21.8 billion.
"Strong capital markets results provided an important counterbalance to the COVID-19-related impacts on our Consumer business," Chief Executive Brian Moynihan said in a statement.
Net interest income fell 11% to $10.8 billion, driven by lower interest rates.
Non-interest income rose 5% to $11.5 billion, buoyed by strong capital markets results.
Sales and trading revenue rose 28% to $4.2 billion, as FICC (fixed income, currencies and commodities) revenue climbed 50% to $4.2 billion and equities revenue rose 7% to $1.2 billion.
Investment banking fees rose 57% to a record $2.2 billion, amid record capital raising by companies seeking to bolster liquidity during the pandemic. Shares fell 2% premarket and are down 30% in the year to date, while the S&P 500 has fallen 0.1%.
This article originally appeared on MarketWatch.
