Read How Bank Of America Fared In Q2

Bank of America Corp BAC reported second-quarter FY22 revenue of $22.7 billion, up 6% year-on-year, marginally missing the consensus of $22.78 billion.
Net income of $6.2 billion plunged by 32.3% Y/Y.
EPS of $0.73 missed the consensus of $0.78.
Segmental Performance: Consumer Banking revenue of $9.1 billion rose 12% Y/Y driven by higher balances and higher interest rates.
Global Wealth and Investment Management revenue of $5.4 billion was up 7% Y/Y, driven by the NII benefit from higher balances and interest rates.
Global Banking revenue of $5.0 billion decreased 2% Y/Y, primarily driven by lower investment banking fees.
Global Markets revenue of $4.5 billion decreased 5% Y/Y, primarily driven by lower investment banking fees.
Net interest income (NII) of $12.4 billion rose by 22% Y/Y, driven by higher interest rates.
Noninterest income of $10.2 billion decreased 9% Y/Y, reflecting weaker capital markets.
Provision for credit losses of $0.5 billion stacked against a benefit of $1.6 billion a year ago.
BAC returned $1.7 billion in dividends and repurchased shares worth $1.0 billion.
Chair and CEO Brian Moynihan said, "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."
Price Action: BAC shares traded higher by 2.91% at $33.19 on the last check Monday.
Photo Via Wikimedia Commons

Market News and Data brought to you by Benzinga APIs

Top Stock Ideas Sent Daily — Join and Gain Your Edge

Top Stock Ideas Sent Daily — Join and Gain Your Edge

Comments

Earnings Calendar

Never Miss Important Catalysts