Bank of America experienced a decline in profits in the second quarter, attributed to higher interest rates impacting expenses in its consumer banking division. Despite this, the bank saw a boost in activity within its investment banking sector, helping to counterbalance weaknesses in other areas. Bank of America reported a profit of $6.9 billion, surpassing analysts' expectations, although it was lower than the previous year's $7.4 billion. The bank faced challenges as the Federal Reserve raised interest rates, leading to increased interest expenses. However, Bank of America managed to minimize credit losses and delinquencies, setting aside a conservative amount for loan losses. The investment banking division saw higher revenue from trading and advisory services, contributing to a slight increase in total revenue to $25.4 billion. Bank of America's shares also rose by 5.2% to $44.09 in morning trading.