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Shares in Bank of America have continued their recent strong performance this week. The stock is trading over 1% higher pre-market on Wednesday following a more than 2% rally on Tuesday. BOA has outperformed its competitors this week with the stock continuing to extend the gains posted over recent weeks following a solid Q2 earnings report.
Slid EPS Beat
Bank of America reported a Q2 EPS of $0.37, beating estimates of a $0.28 EPS as predicted by Wall Street. The US banking giant recorded net revenues of $3.5 billion. This includes a $4.0 billion reserve build linked to the weaker economy seen during the height of the COVID pandemic. Provision for credit losses was seen growing to $5.1 billion, fuelled mainly by the $4 billion reserve build.
Looking at the breakdown of the bank’s main businesses, global banking recorded the largest increase in revenues, post net income of $1.9 billion over the quarter. Sales and trading revenues were seen at $4.2 billion, including net debt valuation of...
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