Bank Of America Q2 EPS Tops Estimates, But Revenues Miss - Update

(RTTNews) - Bank of America Corp. (BAC) reported Wednesday that net income applicable to common shareholders for the second quarter grew to $6.83 billion or $0.89 per share from $6.58 billion or $0.83 per share in the prior-year quarter.

On average, 16 analysts polled expected the company to report earnings of $0.87 per share for the quarter. Analysts' estimates typically exclude special items.

The provision for credit losses was $1.59 billion, compared to $1.51 billion last year.

Total revenue, net of interest expense, increased 4 percent to $26.46 billion from $25.38 billion in the prior-year quarter, driven by higher net interest income (NII), sales and trading revenue and asset management fees, as well as lower investment banking fees. Wall Street expected revenues of $26.77 billion for the quarter.

Net interest income was $14.60 billion, up 7 percent from last year, as fixed-rate asset repricing, higher NII related to Global Markets activity, and deposit and loan growth were partially offset by the impact of lower interest rates.

Non-interest income grew to $11.79 billion from $11.68 billion last year.

Noninterest expense increased 5 percent to $17.2 billion from last year.

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