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Main » 2013 » July » 31 » Bank of America Reports Second-Quarter 2013 Net Income of $4.0 Billion, or $0.32 per Diluted Share on Revenue of $22.9 Billion
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Bank of America Reports Second-Quarter 2013 Net Income of $4.0 Billion, or $0.32 per Diluted Share on Revenue of $22.9 Billion
ME Newswire / Business Wire

CHARLOTTE, N.C. - Tuesday, July 30th 2013

Business Momentum Continues

    Deposit Balances up 4 Percent Companywide From Q2-12 to $1.1 Trillion
    First-lien Mortgage Production up 40 Percent From Q2-12 to $25 Billion
    Global Wealth and Investment Management Reports Record Revenue, Pretax Margin, Net Income, Asset Management Fees and Loan Balances
    Commercial Loan Balances up 20 Percent From Q2-12 to $381 Billion
    Global Investment Banking Fees up 36 Percent From Q2-12 to $1.6 Billion; Maintained No. 2 Ranking in Global Investment Banking Fees
    Total Noninterest Expense of $16 Billion, Down $1 Billion From Q2-12
    Credit Quality Continued to Improve With Net Credit Loss Rates Below 1 Percent for the First Time Since Second Quarter of 2006

Capital and Liquidity Remain Strong

    Basel 1 Tier 1 Common Capital Ratio of 10.83 Percent, up From 10.49 Percent in Prior Quarter
    Estimated Basel 3 Tier 1 Common Capital Ratio of 9.60 Percent, up From 9.52 Percent in Prior QuarterB
    Long-term Debt Down $39 Billion From Year-ago Quarter, Driven by Maturities and Liability Management Actions
    Parent Company Liquidity Remained Strong With Time-to-required Funding at 32 Months

Bank of America Corporation (NYSE: BAC) today reported that second-quarter 2013 net income rose 63 percent to $4.0 billion from $2.5 billion in the second quarter of 2012. Earnings per diluted share increased to $0.32 from $0.19 in the second quarter of 2012. Revenue, net of interest expense, on a fully taxable-equivalent (FTE)A basis rose 3 percent to $22.9 billion from $22.2 billion a year ago.

The results for the second quarter of 2013 were driven by year-over-year improvements in net interest income, investment and brokerage income, investment banking fees, sales and trading revenue, equity investment income and credit quality as well as expense reductions. These items were partially offset by the absence of year-ago gains related to liability management actions and lower mortgage banking income.

"We are doing more business with our customers and clients, and gaining momentum across every customer group we serve," said Chief Executive Officer Brian Moynihan. "We must keep improving, but with the consumer recovering and businesses strong, we have lots of opportunity ahead.”

"At the beginning of the year, we said we would focus on three things – revenue stability, strengthening the balance sheet and managing costs," said Chief Financial Officer Bruce Thompson. "This quarter, we delivered on all three. Revenue increased 3 percent, we continued to build capital ratios, despite the negative impact of higher interest rates on our bond portfolio, and we reduced expenses related to servicing delinquent mortgage loans at a faster rate than we originally expected."

To view the full release including the table, please click here

Contacts

Investors May Contact:

Anne Walker, Bank of America, 1.646.855.3644

Lee McEntire, Bank of America, 1.980.388.6780

 

Reporters May Contact:

Jerry Dubrowski, Bank of America, 1.980.388.2840

jerome.f.dubrowski@bankofamerica.com

 

 

 

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