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GS's investment banking income fell 41% from the same quarter last year to $2.1 billion due to heightened market volatility, but the same increased volatility lifted the bank's trading revenues by 32% to $6.5 billion.
As a result, GS's overall profit was $2.93 billion, a decrease of 47% from the previous year. Analysts expected a 60 percent decrease in profits, thus when the statements were published, the price of GS shares increased by 3 percent.
The operations of Bank of America, which are more reliant on the consumer market, performed somewhat worse than expected in the second quarter: net income was $6.2 billion, or $0.73 per share, vs analysts' expectations of $0.75. BofA's overall revenue grew by 6% to $22.7 billion, matching analysts' expectations.
To $4.2 billion, trading operations' revenue increased by 17%. Following the release of the figures, BofA quotes increased by 0.5 percent, partly as a result of the bank increasing its projection for third-quarter net interest income by $1 billion. According to BofA CEO Brian Moynihan, "the excellent activity of customers of our operations combined with increased interest rates allowed to show good growth of net interest income and supported us in more challenging market conditions."
source: bloomberg.com
As a result, GS's overall profit was $2.93 billion, a decrease of 47% from the previous year. Analysts expected a 60 percent decrease in profits, thus when the statements were published, the price of GS shares increased by 3 percent.
The operations of Bank of America, which are more reliant on the consumer market, performed somewhat worse than expected in the second quarter: net income was $6.2 billion, or $0.73 per share, vs analysts' expectations of $0.75. BofA's overall revenue grew by 6% to $22.7 billion, matching analysts' expectations.
To $4.2 billion, trading operations' revenue increased by 17%. Following the release of the figures, BofA quotes increased by 0.5 percent, partly as a result of the bank increasing its projection for third-quarter net interest income by $1 billion. According to BofA CEO Brian Moynihan, "the excellent activity of customers of our operations combined with increased interest rates allowed to show good growth of net interest income and supported us in more challenging market conditions."
source: bloomberg.com
