Bank of America (BAC) Misses Q2 EPS by 2c

Bank of America (NYSE: BAC) reported Q2 EPS of $0.73, $0.02 worse than the analyst estimate of $0.75. Revenue for the quarter came in at $22.7 billion versus the consensus estimate of $22.72 billion.

From Chair and CEO Brian Moynihan: “Our strong organic growth engine once again was evident in new account openings for checking, consumer investments, and small businesses, as well as net new Merrill and Private Bank households and new commercial banking customers. This solid client activity across our businesses, coupled with higher interest rates, drove strong net interest income growth and allowed us to perform well in a weakened capital markets environment. We grew revenue 6% and delivered our fourth straight quarter of operating leverage.

“Our U.S. consumer clients remained resilient with continued strong deposit balances and spending levels. Loan growth continued across our franchise and our markets teams helped clients navigate significant volatility reflecting economic uncertainty. As we enter the second half of the year, we believe we are well-positioned to deliver for our shareholders while continuing to invest in our people, businesses and communities.”

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

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