Bank of America reports $7.12B net income in Q2, surpasses earnings expectations

CHARLOTTE, N.C. (AP) — Bank of America Corp. (BAC) on Wednesday reported second-quarter net income of $7.12 billion.

The Charlotte, North Carolina-based company said it had earnings of 89 cents per share.

The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 86 cents per share.

The nation's second-largest bank posted revenue net of interest expense of $26.46 billion, which did not meet Street forecasts. Six analysts surveyed by Zacks expected $26.59 billion.

Bank of America shares have increased 5% since the beginning of the year, while the S&P's 500 index has climbed 6%. The stock has climbed 10% in the last 12 months.

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This story has been corrected to delete reference to incorrect total revenue.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on BAC at https://www.zacks.com/ap/BAC