Bank of America’s reported net income increased 40% to $4.9 billion before preferred stock dividends. Total revenue net of interest expense was $22.25 billion, up $1.46 billion from $20.79 billion a year earlier. EPS of $0.41 exceeded estimates by analysts of $0.35.
The following highlights were excerpted from the news release:
Brian Moynihan, chief executive officer, said, “Our approach to responsible growth delivered strong results again this quarter. Revenue was up 7% and EPS grew 46%. We saw good client activity in our balanced portfolio of businesses: consumer spending was up, our wealth management business had strong asset management flows, investment banking fees rebounded nicely and we continued to provide credit and capital to our corporate and institutional clients. The U.S. economy continues to show consumer and business optimism, and our results reflect that.
Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!