Bank of America, led by CEO Brian Moynihan, was supposed to be one of the main beneficiaries of the Federal Reserve's rate-boosting campaign.
are producing more revenue as rates rise, allowing them to generate more profit from their core activities of taking in deposits and making loans.
Net interest income at the bank jumped 24% to $13.87 billion in the quarter, topping the $13.6 billion StreetAccount estimate, thanks to higher rates in the quarter and an expanding book of loans. Like its Wall Street rivals, investment banking revenue posted steep declines, falling about 45% to $1.2 billion, slightly exceeding the $1.13 billion estimate.
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