Bank of America beats!
- Total trading revenues, excluding a net debt valuation adjustment, came in at $3.70 billion in Q2 ($3.44 billion expected), up 12% and the high Q2 revenues in five years.
- Fixed income, currency, and commodities, or FICC, revenues were $2.62 billion ($2.34 billion expected) ex-DVA — up 22% from last year. That was driven by stronger global performance in rates and currencies trading, high secondary trading in loans and securitized products, and solid performance in municipal bonds from strong retail demand, according to the firm.
- Equities revenue came in at $1.09 billion ($1.10 billion expected) ex-DVA, down 8% from last year. That was driven by a decline in client activity in Asia.
- Total investment banking revenues were $1.41 billion ($1.34 billion expected), down 8% year-over-year, driven by lower equity issuance activity and partially offset by higher advisory fees.