BofA: US sales continue upward trend despite ‘weaker’ EQD activity

Bank of America (BofA) has reported net income of US$7.4 billion for the second quarter of 2023 – an increase of 19% year-on-year (YoY), according to its latest quarterly report. Revenues, net of interest expense, were up 11% to US$25.2 billion while non-interest expense was five percent higher to US$16.0 billion ‘driven by investments in the franchise across people and technology’ YoY. Common equity tier 1 (CET1) ratio increased 23 bps to 11.6% in Q2 23 from a quarter ago. T