The Bank of America CEO made a statement reporting that he expects a "big bumb" in income citing interest rate hikes. "We're going to get a big bump in NII," Brian Moynihan said. NII stands for net interest income, a closely watched performance measure of income generated from lending. In addition to this, he stated that the revenue would grow faster.
Bank of America, one of the main lenders of the country, benefits from increasing interest rate as it will be able to charge a higher fee for consumer loans.
Analysts expect the U.S. Fed will jack the interest rate again at the Sept. 21 meeting.