Bank of America Corp. beat Wall Street’s expectations for its second quarter earnings, sending its stock up 0.8% on Tuesday in premarket trading.

Bank of America , +1.00% reported that its profit for three months ended on June 30 increased to $7.4 Billion, or $8.8 cents per share. This compares with $6.2 Billion, or $73 cents per share in the same quarter last year.

According to FactSet estimates, the bank beat analyst expectations of 84 cents per share by four cents.

Bank of America’s revenue for the second quarter rose by 11%, to $25.2 billion. This is higher than Wall Street’s estimate of $24.98.

The bank’s CEO Brian Moynihan stated that the bank had one of its strongest quarters ever, with organic growth.

“We continue seeing a healthy U.S. economic growth that is slowing down, with a

“Moynihan says that the job market is resilient.”

Moynihan credited the bank’s investment banking and sales unit for its market share gains.

Bank of America’s consumer unit reported that it added 157,000 net new accounts to its checking account portfolio in the third quarter. This is its 18th consecutive quarter of growth. Also, 1.2 million new credit cards were added.

Bank of America stock has dropped 11.2% since 2023. This compares to the 17.8% increase in the S&P500 SPX. +0.39%, and the 1.1% rise of the Financial Select Sector ETF , +0.96% .

Bank of America is the latest major bank to have better-than expected profits despite a turbulent period in the banking industry.

JPMorgan Chase & Co. JPM – +2.41% ; Citigroup Inc. – +1.11% ; and Wells Fargo & Co. – +2.71% beat Wall Street’s expectations on Friday. Goldman Sachs Group Inc. , +0.31% will report its second-quarter earnings on Wednesday.