Bank of America Q2 net income rises on higher trading activities

Bank of America reported Q2 net income of $9.10 billion, up 27% year-on-year, with EPS rising 34% to $1.21. Revenue climbed 15% year-on-year to $31.6 billion, supported by higher net interest income, strong asset management and investment banking fees, and sales and trading revenue of $7.1 billion. The bank returned $8 billion to shareholders through dividends and buybacks, and has a consensus 12-month price target of $65 against the July 13 close of $59.50.