Table of Contents

• Bank of America Earnings

• Byju’s Insolvency

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Economy & Finance

Bank of America Earnings

Bank of America exceeded expectations in its second-quarter earnings report, posting earnings of 83 cents per share against an 80 cents per share estimate, and revenue of $25.54 billion versus the expected $25.22 billion. The bank's profits fell 6.9% from the previous year to $6.9 billion due to a decline in net interest income amid higher interest rates. However, revenue saw a slight increase of less than 1%. The firm benefited from a 29% rise in investment banking fees and a 14% increase in asset management fees, driving a 6.3% revenue boost in its wealth management division. Net interest income matched expectations at $13.86 billion but is projected to rise to about $14.5 billion by the fourth quarter, instilling investor confidence in a turnaround. Following this guidance, Bank of America's shares rose 4.4%.

Technology

Byju’s Insolvency

Byju's, an edtech company offering online and offline educational courses, once valued at $22 billion, will face insolvency proceedings due to an unpaid $19 million debt to India's cricket board, the BCCI, for sponsorship agreements, as ruled by a tribunal. The company, which has experienced significant challenges, including boardroom exits, investor disputes, job cuts, and a valuation drop to below $3 billion, denies any misconduct. The tribunal's decision includes the appointment of an interim resolution professional, with CEO Byju Raveendran reporting to them and the company's assets frozen. Byju's seeks an amicable settlement with the BCCI while reviewing the tribunal's order and planning necessary legal steps.

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