Bank of America reported a decline in profits for the second quarter, attributing it to higher interest rates impacting expenses, particularly within its consumer banking segment. Despite this, the bank experienced a resurgence in its investment banking division, partially offsetting weaknesses in other areas.
The Charlotte, North Carolina-based bank disclosed a profit of $6.9 billion for the quarter, down from $7.4 billion in the same period last year. Earnings per share stood at 83 cents, surpassing analysts' expectations.
