📊 Bank of America shares jump 4% on positive earnings!🏦

Bank of America $BAC saw its shares rise significantly by 4 % following the announcement that a recovery in net interest income is imminent 📈

Earnings per share: 83 cents (vs. estimate of 80 cents)

Earnings: $25.54 billion (vs. estimate of $25.22 billion)

Earnings decline: 6.9% to $6.9 billion, mainly due to higher interest rates.

Investment banking fees: Up 29% to $1.56 billion (above estimate of $1.51 billion).

Asset management fees: Up 14% to USD 3.37 billion.

Asset Management Division revenue: Up 6.3% to $5.57 billion.

The bank said in its Tuesday report that second-quarter revenue and earnings beat expectations. Earnings were boosted by rising investment banking and asset management fees.

Net interest income (NII):
Decreased by 3 % to $13.86 billion, in line with estimates. However, new guidance suggests thatNII will rise to around USD 14.5 billion in the fourth quarter. This gives confidence that an important turnaround is taking place. 🔄

Buybacks and dividends:
The company returned capital to shareholders in the past quarter in the amount of 5.4 billion, of which USD 1.9 billion through dividends and $3.5 billion through share buybacks. 📉📈

That puts the results of the biggest banking houses behind us, and we can move on to the tech companies.

What do you think of the banks' results?
Do you expect similar performance from Czech banks?