Bank of America reported second-quarter 2026 net income of $9.1 billion, up 27% from a year earlier, as a record performance in equities trading and a rebound in investment banking fees drove what chief executive Brian Moynihan called one of the second-largest US lender's strongest quarters to date. Revenue rose 15% year-on-year to $31.6 billion, the Charlotte-based bank said in its earnings release.
Every business segment reported double-digit net income growth, Moynihan said, and diluted earnings per share rose 34% to $1.21.
TRADING SETS NEW HIGH
Sales and trading revenue rose 33% to $7.1 billion, with equities revenue up 70% to $3.6 billion, well above any of the previous four quarters, and fixed income, currencies and commodities revenue up 9% to $3.5 billion.
Investment banking fees rebounded during the quarter, with total investment banking fees up 50% to $2.1 billion as advisory, debt issuance and equity issuance fees all rose. Moynihan said near-term pipelines remain strong and commercial borrowing has picked up.
BROAD-BASED GROWTH ACROSS BUSINESSES
Consumer Banking revenue rose 5% to $11.3 billion, with combined credit and debit card spend up 9%. Global Wealth and Investment Management revenue rose 16% to $6.9 billion, driven by asset management fees up 19% on higher market valuations and solid AUM flows. Global Banking average loans and leases rose 7%.
Noninterest expense rose 8% to $18.6 billion, giving operating leverage of 6.6% and a 359-basis-point improvement in the efficiency ratio to 59%.
The release lands alongside JPMorgan Chase, Citigroup and Wells Fargo on 14 July 2026, giving investors a full read on the trading, banking and net interest income lines across the top of the US banking industry. Bank of America's 27% profit increase trailed the gains at Citigroup (45%) and JPMorgan Chase (41%) but outpaced Wells Fargo (17%), in what Moynihan called one of the bank's strongest quarters to date.