While the net profit of Morgan Stanley, one of the largest banks of the USA, decreased by 13 percent in the second quarter of this year compared to the same period of the previous year, the net profit of Bank of America increased by 19 percent in the same period.
US investment banks Morgan Stanley and Bank of America announced their balance sheets for the second quarter of this year.
According to the statement made by Morgan Stanley, the net profit of the bank in the second quarter of this year decreased by 13 percent compared to the same period last year, to $ 2.2 billion. The company had a net profit of $ 2.5 billion in the second quarter of 2022.
Earnings per share, which was $1.39 in the second quarter of last year, was $1.24 in the same period of this year.
Morgan Stanley’s revenue in the second quarter of this year increased by 2 percent compared to the same period last year, reaching $13.5 billion. The bank’s revenue was recorded as $13.1 billion in the second quarter of 2022.
Increase in Bank of America’s profits
According to the statement made by Bank of America, the net profit of the bank in the second quarter of the year increased by 19 percent compared to the same period of the previous year, reaching $ 7.4 billion. The bank announced a net profit of $6.2 billion in the second quarter of 2022.
The company’s earnings per share also rose to 88 cents in the second quarter of this year. Earnings per share of the bank was 73 cents in the same period of 2022.
Bank of America’s revenue in the second quarter of this year increased by 11 percent compared to the same period last year, reaching $ 25.2 billion. The bank had a revenue of $22.7 billion in the same period of 2022.
“We continue to see a resilient labor market and a slower-growing, healthy U.S. economy,” said Brian Moynihan, Chief Executive of Bank of America, in a statement regarding the bank’s second-quarter financial results.