Bank Of America Q2 Net Profit Rises – Update
(RTTNews) – Bank of America Corp. (BAC) reported Tuesday that net income applicable to common shareholders for the second quarter surged to $8.75 billion or $1.21 per share from $6.88 billion or $0.90 per share in the prior-year quarter.
The provision for credit losses was $1.37 billion, compared to $1.59 billion last year.
Total revenue, net of interest expense, increased 15 percent to $31.56 billion from $27.44 billion in the prior-year quarter, driven by higher net interest income, sales and trading revenue, asset management fees and investment banking fees.
Net interest income was $16.00 billion, up 9 percent from last year, driven by higher NII related to Global Markets activity, higher deposit and loan balances, and fixed-rate asset pricing, partially offset by the impact of lower interest rates.
Non-interest income grew to $15.56 billion from $12.77 billion last year.
Noninterest expense increased 8 percent to $18.63 billion from last year.
In Tuesday’s pre-market trading, BAC is trading on the NYSE at $59.87, up $0.33 or 0.55 percent.
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