CHARLOTTE, N.C. - Tuesday, July 21st 2015 [ME NewsWire]
Results Include $0.7 Billion ($0.04 per Share) in Favorable Market-related Net Interest Income Adjustments
Noninterest Expense Declines to $13.8 Billion; Lowest Level Since Q4-08
Continued Business Momentum
Consumer Banking Deposits (EOP) up $33 Billion, or 6 Percent, From Q2-14 to $547 Billion
Residential Mortgage and Home Equity Loan Originations up 40 Percent From Q2-14 to $19.2 Billion
1.3 Million New Credit Cards Issued; Highest Level Since Q3-08
Merrill Edge Brokerage Assets up 15 Percent From Q2-14 to $122 Billion
Wealth Management Asset Management Fees up 9 Percent From Q2-14 to $2.1 Billion
Global Banking Loan Balances (EOP) up 7 Percent From Q2-14 to $307 Billion
Generated Firmwide Investment Banking Fees of $1.5 Billion and Sales and Trading Revenues, Excluding Net DVA, of $3.3 Billion(A)
Continued Progress on Expense Management; Credit Quality Remains Strong
Noninterest Expense, Excluding Litigation, Down 6 Percent From Q2-14 to $13.6 Billion(B)
Legacy Assets and Servicing Noninterest Expense, Excluding Litigation, Decreased 37 Percent from Q2-14 to $0.9 Billion(C)
Number of 60+ Days Delinquent First Mortgage Loans Serviced by Legacy Assets and Servicing Declined 50 Percent From Q2-14 to 132,000 Loans
Adjusted Net Charge-offs Down 26 Percent From Q2-14 to $929 Million(D)
Record Capital and Liquidity Levels
Common Equity Tier 1 Capital (Fully Phased-in) Increased to Record $148.3 Billion(E)
Record Global Excess Liquidity Sources of $484 Billion, up $53 Billion From Q2-14; Time-to-required Funding at 40 Months(F)
Tangible Book Value per Share Increased 5 Percent From Q2-14 to $15.02 per Share(G)
Book Value per Share Increased 4 Percent From Q2-14 to $21.91 per Share
Return on Average Assets 0.99 Percent; Return on Average Tangible Common Equity 12.8 Percent; $1.3 Billion Returned to Shareholders in Q2-15 Through Repurchases and Dividends(H)
(BUSINESS WIRE)-- Bank of America Corporation today reported net income of $5.3 billion, or $0.45 per diluted share, for the second quarter of 2015, compared to $2.3 billion, or $0.19 per share, in the year-ago period. Revenue, net of interest expense, on an FTE basis, rose $385 million, or 2 percent, from the second quarter of 2014 to $22.3 billion(I).
Net interest income for the most recent quarter included $669 million ($0.04 per share) in positive market-related adjustments, primarily from the company's debt securities portfolio, due to the impact of higher long-term interest rates. This compares with $175 million in negative market-related adjustments in the year-ago quarter.
“Solid core loan growth, higher mortgage originations and the lowest expenses since 2008 contributed to our strongest earnings in several years, as we continued to build broader and deeper relationships with our customers and clients,” said Chief Executive Officer Brian Moynihan. “We also benefited from the improvement in the U.S. economy, where we are particularly well positioned.
"Also, we continued to deliver value for our shareholders by increasing tangible book value and returning $1.3 billion in capital through common stock repurchases and dividends."
"We strengthened an already strong and highly liquid balance sheet this quarter," said Chief Financial Officer Bruce Thompson. "We improved capital and liquidity to record levels. Equally important, we put our balance sheet to work this quarter, growing core loan balances while maintaining strong risk underwriting."
To view the full report and tables please click here.
Investors May Contact:
Lee McEntire, Bank of America, 1.980.388.6780
Jonathan Blum, Bank of America (Fixed Income), 1.212.449.3112
Reporters May Contact:
Jerry Dubrowski, Bank of America, 1.980.388.2840 firstname.lastname@example.org