- Consumer Banking net income of $2.032B vs. $1.674B a year ago, with revenue of $8.5B vs. $7.795B. Net interest income of $5.96B vs/ $5.781B. Noninterest income of $2.548B vs. $2.588B. Noninterest expense of $4.409B vs. $4.418B. Branches down to 4,4542 from 4,681. Mobile banking active users of 22.9M vs. 20.2B. Provisions of $834M vs. $726M.
- Wealth Management net income of $804M vs. $705M a year ago.
- Global Banking net income of $1.786B vs. $1.498B a year ago. Provisions dropped to $15M from $199M thanks mostly to energy.
- Global Markets net income of $928M vs. $1.215B a year ago. Trading revenue fell 9% to $3.4B from $3.7B - FICC revenue fell 14% and equities revenue grew 3%.
- Overall bank provisions fell to $726M from $976M, with net charge-off ratio dropping to 0.40% from 0.44%. Net interest margin dipped five basis points from Q1 to 2.34% - curious, given the bank's supposed leverage to higher interest rates.
- CET1 ratio of 11.6% up from 10.6%. Tangible book value per share of $17.78 vs. $16.71.
- Conference call at 8:30 ET
- Previously: Bank of America beats by $0.03, beats on revenue (July 18)
- BAC -1.4% premarket
- Now read: Bank Of America: I Don't See It
Original article