Bank of America earnings top expectations

Bank Of America Building

The commercial banking giant posted second-quarter earnings per share of 36 cents, compared to 45 cents a share in the same period a year ago.

Bank of America reported quarterly earnings and revenue that beat analysts' expectations on Monday.

The commercial banking giant posted second-quarter earnings per share of 36 cents, compared to 45 cents a share in the same period a year ago. Analysts had expected the company to report earnings of about 33 cents a share on $20.414 billion in revenue, according to a consensus estimate from Thomson Reuters.

Revenue for the quarter came in at $20.6 billion, against the comparable year-ago figure of $22.345 billion.

The company's shares were marginally higher in pre-market trading Monday morning. The results make Bank of America the third big U.S. financial institution that has topped second-quarter profit forecasts, following Citigroup and JPMorgan Chase last week.

Goldman Sachs is expected to report earnings Tuesday, with Morgan Stanley earnings expected Wednesday.

"Our responsible growth strategy led to improved customer and client activity and each of our four business segments reported higher earnings than the year-ago quarter," Bank of America CEO Brian Moynihan said in a statement. "We also moved closer to our longer-term performance targets."

Like virtually all U.S. banks, Bank of America has struggled in 2016, first under the weight of plunging loan values in the energy sector as oil prices struggled, and later as the markets began to expect interest rates to stay lower for longer. Bank of America stock is down nearly 20 percent so far this year.

Staffing at the bank is down more than 2.8 percent year-over-year, to more than 210,000 employees, and headcount is also down from the first quarter of the year. While the bank has closed more than 100 financial centers in the last 12 months, that pace appears to have slowed. The bank has only eight fewer financial centers at the end of the second quarter compared to the first quarter, at 4,681, which reflects a slowing in the pace of closure of branches.

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