Bank of America Revenue Growth Accelerates to 15%

The Tip Desk · July 14, 2026 · 4 min read

Second-quarter revenue reached $31.6 billion, up 15% from a year earlier, as operating leverage widened to 6.6% and Global Markets sales and trading hit a 17th straight year-over-year gain.

Bank of America (BAC) reported second-quarter revenue of $31.6 billion, up 15% from a year earlier, accelerating from 7% growth in the first quarter. Operating leverage expanded to 6.6% from 2.9%.

Net income was $9.1 billion, or $1.21 a share, up 34% from $0.90 a year earlier. Chair and CEO Brian Moynihan said every business segment reported double-digit net income growth and that revenue rose 15% as the bank deepened relationships with existing clients and welcomed new ones.

Net interest income was $16.0 billion ($16.2 billion fully taxable-equivalent), up 9% year over year, matching the 9% increase in the first quarter. The result reflected higher net interest income related to Global Markets activity, higher loan and deposit balances, and fixed-rate asset repricing, partially offset by lower interest rates. Average loans and leases were $1.22 trillion, up 8% year over year, the ninth consecutive quarter of sequential average growth. Average deposits were $2.02 trillion, up more than 2% year over year, the twelfth consecutive quarter of sequential average growth.

Global Markets was the sharpest inflection. Sales and trading revenue rose 33% year over year to $7.1 billion, including net debit valuation adjustment losses of $57 million, the 17th consecutive quarter of year-over-year growth after 13% growth in the first quarter. Equities revenue increased 70% to $3.6 billion, from 30% growth in the first quarter, reflecting increased client activity and strong trading performance in derivatives and cash, particularly in Asia and the U.S. FICC revenue increased 9% to $3.5 billion, from 2% growth in the first quarter, driven primarily by credit products and commodities. Global Markets net income was $2.6 billion. International revenue increased 38%. Noninterest expense in the segment rose 18% to $4.5 billion, and the efficiency ratio improved to 56%.

Total Corporation investment banking fees excluding self-led rose 50% year over year to $2.1 billion, after 21% growth in the first quarter. Moynihan said investment banking fees were up 50% year over year and that near-term pipelines remain strong and commercial borrowing has picked up.

Global Wealth and Investment Management revenue rose 16% year over year to $6.9 billion, after 12% growth in the first quarter. Asset management fees rose 19% to $4.4 billion, reflecting higher market valuations and solid AUM flows, as well as higher net interest income. Client balances were $4.9 trillion, up 12%. Average loans and leases in the segment increased 14% year over year to $270 billion. Net income was $1.4 billion.

Global Banking revenue was $6.2 billion, up 10% year over year, driven primarily by higher investment banking fees, net interest income and treasury service charges. Average deposits increased 8% year over year to $652 billion, after 13% growth in the first quarter. Average loans and leases increased 7% year over year to $413 billion. Net income was $2.0 billion.

Consumer Banking revenue was $11.3 billion, up 5% year over year, driven primarily by higher net interest income. Average deposits were $957 billion, up 1% year over year. Average loans and leases were $321 billion, up 1% year over year. Combined credit and debit card spend rose 9% year over year to $266 billion, from 7% growth in the first quarter. Net income was $3.3 billion. The bank added more than 160,000 net new consumer checking accounts, completing 30 consecutive quarters of net growth.

The efficiency ratio improved 359 basis points year over year to 59%. Noninterest expense rose 8% to $18.6 billion, driven equally by revenue-related expenses and investments in people, brand and technology. Return on average common shareholders’ equity was 12.7%.

Provision for credit losses was $1.4 billion, down from $1.6 billion a year earlier and relatively flat to the first quarter. Net charge-offs were $1.4 billion, and the net charge-off ratio was 0.47%, down 8 basis points from the year-ago quarter. Consumer net charge-offs were $1.0 billion. Commercial net charge-offs were $372 million. Nonperforming loans and leases were $5.8 billion.

CET1 capital was $202 billion, up $1.9 billion from the first quarter. The standardized CET1 ratio was 11.2%. The bank returned $8.0 billion to shareholders, including $2.0 billion in common stock dividends and $6.0 billion in common stock repurchases. Book value per common share was $39.34.