“More than 85% of our buildings and offices are open and we welcome our teammates again,” Moynihan said. “This means more face-to-face meetings, helping to increase consumer product sales and spurring more households in wealth management, and more leads to commercial banking. Consumer spending has significantly exceeded the pre-pandemic level, deposits are growing at a high rate, and the volume of loans has begun to grow. “
However, its revenue fell 4% to $ 21.5 billion and fell short of analysts’ forecasts of $ 21.8 billion. BofA Chief Financial Officer Paul Donofrio cited “the continuing problem of low interest rates” as the reason for the decline when the bank’s net interest income fell 6% to $ 10.23 billion in the second quarter.
Despite the fact that rates are at an all-time low, Donofrio pointed to signs of improvement in BofA’s lending. Total loans and rentals rose 2% from $ 903.09 billion in the first quarter to $ 918.93 billion in the second quarter.
“We believe our continued focus on customer selection and responsible growth has helped us,” he said. “Total loan balances rose for the first time since the first quarter of 2020, despite the fact that we recorded the lowest level of credit losses in 25 years.