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Bank of America Reports Q2-22 Net Income of $6.2 Billion; EPS of $0.73 misses by $0.02
Revenue of $22.7B misses by $90M
Net Interest Income up 22% to $12.4 Billion; Average Loan Balances up 12% to $1.0 Trillion;
Fourth Consecutive Quarter of Operating Leverage
Revenue of $22.7B misses by $90M
Net Interest Income up 22% to $12.4 Billion; Average Loan Balances up 12% to $1.0 Trillion;
Fourth Consecutive Quarter of Operating Leverage
Zitat:[*]Bank of America (NYSE:BAC): Q2 GAAP EPS of $0.73 misses by $0.02.
[*]Revenue of $22.7B (+5.7% Y/Y) misses by $90M.
[*]Net interest income up $2.2 billion, or 22%, to $12.4 billion, driven by higher interest rates, lower premium amortization and loan growth – Noninterest income declined $989 million, or 9%, to $10.2 billion, primarily reflecting weaker capital markets.
[*]Provision for credit losses of $523 million increased $2.1 billion. Net reserve release of $48 million vs. $2.2 billion release in Q2-21 – Net charge-offs of $571 million declined modestly.
[*]Average loan and lease balances up $107 billion, or 12%, to $1.0 trillion led by strong commercial loan growth as well as higher consumer balances; excluding Paycheck Protection Program (PPP), average loan and lease balances grew $124 billion5
[*]Average deposits up $123 billion, or 7%, to $2.0 trillion
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