Bank of America is expected to report second-quarter earnings before the start of trading on Monday.
Here’s what Wall Street expects:
Earnings: 57 cents per share, 24 percent higher than a year earlier, forecast by Thomson Reuters
Revenue: $22.27 billion, 3.4 percent lower than a year earlier, forecast by Thomson Reuters.
Loans: $942 billion, 3.4 percent higher than a year earlier, forecast by Thomson Reuters.
Led by Chief Executive Officer Brian Moynihan, Bank of America has cleaned up much of the mess it inherited when a predecessor purchased subprime lender Countrywide Financial a decade ago. He has since focused on methodically reducing costs while looking for modest profit opportunities, often repeating his mantra of “responsible growth.”
Still, the firm’s shares have trailed other banks and the broader stock indices this year, declining 3.3 percent before Monday. Analysts will be keen to see if the Charlotte, North Carolina-based firm is keeping pace with the industry’s loan growth and if its profit margins on loans is getting squeezed – two fears that have kept bank stocks down this year.
This story is developing. Please check back for updates.
