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Bank of America profits down 32% at end of Q2 2022

18 July 2022
2917
2 min.
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Bank of America profits down 32% at end of Q2 2022

Report from Bank of America

Bank of America's profit for the second quarter of this year fell by 32% compared to the same period in 2021. Such data are given in the bank's quarterly financial results report published on Monday.

The second-largest U.S. bank earned $6.2bln in the second quarter of 2022, compared with $9.2bln in the same period of 2021. Although its revenue for the Q2nd of 2022 was up 6% to $22.7bln, its expenses exceeded $15bln.

Profit of one of the world's largest investment banks, Goldman Sachs (GS), in the second quarter of this year decreased by 47% compared to the same period in 2021, the bank said in a similar financial results report.

According to the report, Goldman Sachs (GS) earned $2.93bln for the Q2nd of 2022, compared to $5.49bln for the same period in 2021. The bank's revenues fell 23% to $11.86bln. The financial conglomerate also earned $1.2bln in fees from advising on mergers and acquisitions, down 5% from a year ago.

It is worth noting that last week three other major US banks also reported double-digit declines in second-quarter profits relative to the same period in 2021.

Wells Fargo's profit fell 48% to $3.12bln, Citigroup earned $4.5 billion, down 27% from the second quarter of 2021, while JPMorgan Chase ended the period with a profit of $8.6bln, down 28% from the bank's results for that 2021 period.

According to The Wall Street Journal, some bank executives believe that the US economy is "heading into recession" and that attempts by the US Federal Reserve to curb inflation by raising interest rates could "trigger an economic slowdown".

However, investors are keeping a close eye on the earnings of the country's largest banks, as their results can be used to gauge the health of the US economy as a whole.

Moreover, on 13 July the US Department of Labor reported that the country's consumer prices rose at an annual rate of 9.1% in June, the largest increase since November 1981. In order to combat inflation, the US Federal Reserve raised its benchmark interest rate in mid-June by an immediate 0.75p to 1.5-1.75%.

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