Bank Of America Q2 Profit Decreases, But Results Top Estimates
(RTTNews) - Bank of America Corp. (BAC) reported Monday that net income applicable to common shareholders for the second quarter declined to $6.58 billion from last year's $7.10 billion, with earnings per share decreasing to $0.83 from $0.88 in the prior year.
On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $0.80 per share for the quarter. Analysts' estimates typically exclude special items.
The provision for credit losses was $1.51 billion, compared to $1.13 million last year.
Total revenue, net of interest expense, edged up 1 percent to $25.38 billion from $25.20 billion in the prior-year quarter. Wall Street expected revenues of $25.22 billion for the quarter.
Net interest income was $13.70 billion, down 3 percent from last year, while non-interest income improved 6 percent to $11.68 billion from last year.
Noninterest expense increased 2 percent to $16.3 billion from last year.
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