Investing.com - Bank of America and Goldman Sachs shares were lower in early trade despite reporting second quarter earnings that exceeded expectations.
(NYSE:Bank of America) was off 0.77% at 09:45 ET, while (NYSE:Goldman Sachs) shed 1.06%.
Bank of America reported a 12% rise in earnings per share in the second quarter to $0.46, compared with a forecast of $0.43.
Revenues net of interest expense were up 7% at $22.83 billion. Revenues were forecast to come in at $21.78 billion.
Net interest income climbed 9% to $11.0 billion on higher interest rates and loan growth but missed estimates.
The bank also reported a drop in its trading business.
"Against modest economic growth of 2%, we had one of the strongest quarters in our history,” Chief Executive Officer Brian Moynihan said.
Goldman Sachs reported diluted earnings per share in the second quarter of $3.95 on revenues of $7.89 billion, compared with estimates of EPS of $3.72 and revenues of $7.97 billion.
Fixed income trading revenues fell 40% from a year earlier to $1.16 billion, missing an estimate of $1.47 billion..
“A mixed operating environment persisted into the second quarter as conditions continued to support underwriting and M&A, while constraining certain market-making activity,” said Lloyd C. Blankfein, Chairman and Chief Executive Officer.