Bank of America earnings rise 10 percent; Goldman Sachs up 0.5 percent

Bank of America and Goldman Sachs saw their second quarter earnings rise, according to the banks' financial results on Tuesday.

At Bank of America, net income soared 10 percent to $5.27 billion, from $4.78 billion in the same quarter a year ago.

"Against modest economic growth of 2 percent, we had one of the strongest quarters in our history," CEO Brian Moynihan said in a statement.

Revenues also increased 7 percent to $22.8 billion in the April-June period, from $21.3 billion.

Goldman Sachs’ net income rose 0.5 percent to $1.83 billion, from $1.82 billion.

“A mixed operating environment persisted into the second quarter ... while constraining certain market-making activity,” Chairman and CEO Lloyd C. Blankfein said in a statement.

Revenues fell 0.5 percent to $7.89 billion, from $7.93 billion.

As financial results of both banks failed to meet market expectations, their shares decreased on the stock market on Tuesday.

Bank of America lost 1.3 percent to $23.70 per share around 1630GMT, while Goldman Sachs was down 2.4 percent to $223.67 on the U.S. stock market.

Bank of America, Goldman Sachs income rise in Q2