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The Bank of America announced Tuesday (July 16) that its second quarter revenue and profit on investment banking and asset management fees exceeded Wall Street expectations.

An LSEG estimate said that the stock is projected to value $0.80 per share but the actual report had $0.83 per share.

This also meant that the revenue estimate also exceeded slightly, from $25.22 to the actual $25.54

CNBC reported that the bank's profit slipped by 6.9% to $6.9 billion ($0.83 per share) from the previous year.

Bank of America Market Shares By the Numbers

It is understood that the firm was assisted by a 29% increase in investment banking fees to $1.56 billion, slightly higher than the $1.51 billion StreetAccount estimate.

However, StreetAccount added that net interest income dropped 3% to $13.86 billion.

Reuters reported that Bank of America CEO Brian Moynihan told investors that the growth in new consumer checking accounts were one of the factors as to why growth was reduced, while CFO Alistair Borthwick told reporters in the conference call that the figures were a result of the stable settling down.

VCPost reported a similar profit growth with Morgan Stanley after its profit increased by 41%.

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Bank, Bank of America, Wall Street, Share Market