Bank of America (BAC) Tops Q2 EPS by 6c

Bank of America (NYSE: BAC) reported Q2 EPS of $0.63, $0.06 better than the analyst estimate of $0.57. Revenue for the quarter came in at $22.6 billion versus the consensus estimate of $22.27 billion.

• Net income up 33% to $6.8 billion, driven by improved operating performance and the benefits of tax reform • Diluted earnings per share up 43% to $0.63 • Revenue, net of interest expense, decreased 1% to $22.6 billion; Q2-17 revenue of $22.8 billion included a $793 million pretax gain on the sale of our non-U.S. consumer card business; excluding that gain, revenue up 3%2 – Net interest income (NII) increased $664 million, or 6%, to $11.7 billion, reflecting benefits from higher interest rates, as well as loan and deposit growth(B) – Noninterest income decreased $884 million, or 7%, to $11.0 billion; prior period includes the $793 million gain referenced above • Provision for credit losses increased $101 million to $827 million – Net charge-off ratio remained low at 0.43% • Noninterest expense declined $698 million, or 5%, to $13.3 billion – Q2-17 expense of $14.0 billion included a $295 million data center impairment charge; excluding that charge, noninterest expense down 3%2 • Average loan balances in business segments rose $45 billion, or 5%, to $872 billion – Consumer up 6% and commercial up 5% • Average deposit balances rose $44 billion, or 3%, to $1.3 trillion • Returned $6.2 billion to shareholders in Q2-18 through common dividends and share repurchases

For earnings history and earnings-related data on Bank of America (BAC) click here.

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