Key Points – Bank of America posted a strong Q2, with revenue up 15% to $31.6 billion and net income up 27% to $9.1 billion.
Earnings per share rose 34% to $1.21, driven by growth across every major business segment. – Revenue gains were led by net interest income, investment banking, wealth management fees and trading, while deposits and loans continued to expand
Average deposits rose for a 12th straight quarter and average loans increased 8% year over year. – Management lifted its full-year outlook, now expecting 300 to 400 basis points of operating leverage and NII growth at the upper end of its 6% to 8% range. Credit quality remained stable, with provisions and charge-offs holding roughly steady and consumer card trends improving. – Fiserv’s Debit Network Talks Raise a Bigger Question for Visa and Mastercard Bank of America (NYSE:BAC) reported broad-based second-quarter growth, with management pointing to stronger net interest income, fee revenue, client activity and operating leverage across each of its business segments. CEO Brian Moynihan said the bank generated revenue of $31.6 billion, up 15% from a year earlier, while net income rose 27% to $9.1 billion.
Earnings per share increased 34% to $1.21. Moynihan said the company delivered 6.6% operating leverage in the quarter, improved its efficiency ratio to 59% and generated a 17% return on tangible common equity. – BitMine’s Ethereum Bet Is Only Part of the Story “Every business segment contributed to our year-over-year growth,” Moynihan said, adding that each segment increased revenue and net income, generated operating leverage and improved its efficiency ratio. Net Interest Income and Fee Businesses Drive Revenue Growth Moynihan said revenue growth was led by net interest income, investment banking, wealth management fees and sales and trading revenue.