Bank Of America Q2 Profit Increases, Tops Estimates
(RTTNews) - Bank of America Corp. (BAC) reported Monday that net income applicable to common shareholders for the second quarter grew to $7.10 billion from last year's $5.93 billion, with earnings per share increasing to $0.88 from $0.73 in the prior year.
On average, 21 analysts polled by Thomson Reuters expected the company to report earnings of $0.84 per share for the quarter. Analysts' estimates typically exclude special items.
The provision for credit losses was $1.13 billion, compared to $523 million last year.
Total revenue, net of interest expense, increased 11 percent to $25.20 billion from $22.69 billion in the prior-year quarter. Wall Street expected revenues of $25.05 billion for the quarter.
Net interest income was $14.16 billion, up 14 percent from last year, driven primarily by benefits from higher interest rates and loan growth.
Non-interest income improved 8 percent to $11.04 billion from last year, as higher sales and trading revenue more than offset lower service charges and investment and brokerage fees.
Noninterest expense increased 5 percent to $16.04 billion from last year.
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