Net interest and non-interest income was $9.21 billion and $11.19 billion, respectively, down from $10.46 billion and $11.50 billion in Q2/15.
The following Q2/16 highlights were excerpted from the news release:
A review of Bank of America’s four business segments showed earnings increases across the board with Global Banking and Global Markets reporting earnings increases of 20.6% ($255 million) and 42.0% ($330 million), respectively. “All Other,” however, swung from earnings of $781 million in Q2/15 to a net loss of $815 million (-$1.6 billion) in Q2/16. The bank noted “revenue declined $2.4 billion driven by negative market related NII adjustments versus a positive adjustment in Q2/15.”
The provision for credit losses of $976 million was up 25% from $780 million in Q2/15. Charge-offs as a percentage of average loans of 0.44% ($985 million) was down from 0.49% ($1,068 million) a year earlier.
Total nonperforming loans/leases at the end of Q2/16 were $8.80 billion, down 24% from $11.57 billion at the end of the same period a year earlier.
“We had another solid quarter in a challenging environment. Our responsible growth strategy led to improved customer and client activity, and each of our four business segments reported higher earnings than the year-ago quarter. We also move closer to our longer term performance targets. We continued to invest in core growth areas and manage expenses, where down 3% year over year to a level not since 2008,” said Brian Moynihan, CEO.
Like this story? Begin each business day with news you need to know! Register now for FREE Daily E-News Broadcast and start YOUR day informed!
Our industry can and will benefit from having more women in leadership positions. Spaces that are inclusive of people from various backgrounds — gender, ethnicity, etc. — naturally culminate in a broader set of ideas, which gives companies more options... read more
The workplace of today is vastly different than it was even a couple years ago, but there are still many obstacles that impede employees, particularly women, from thriving in their jobs, ultimately disrupting success in other areas of life. Michelle... read more