Bank of America's Quarter Tops Wall Street Forecasts

Bank of America beat profit expectations despite a decline in wealth management revenue.

Author:: James Passeri
Publish date:: Jul 18, 2016 10:40 AM EDT

Keep an eye on shares of Bank of America (BAC) - Get Report in Monday's trading session. Before the opening bell, BofA posted second-quarter earnings of $0.37 cents a share, topping analyst estimates by about 12 percent while revenues of a little more than $20 billion beat forecasts by about 9 percent. One soar spot, wealth management revenue slid roughly 21 percent from the same period last year. Total deposit balances grew significantly over the second quarter. Bank of America's earnings beat comes on the heels of JPMorgan (JPM) - Get Report , which posted better than expected earnings last week, and Wells Fargo (WFC) - Get Report , which posted results that were roughly in line.

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