Bank of America Merrill Lynch just reported second-quarter earnings.
The firm reported earnings per share of $0.36 on revenues of $20.6 billion.
Analysts were expecting adjusted earnings per share of $0.33 on revenue of $20.4 billion, according to Bloomberg.
Non-interest income was reported $11.2 billion, non-interest expense declined $465 million.
Brian Moynihan, CEO, Bank of America
Brian Moynihan, CEO, commented:
“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 moved closer to our longer-term performance targets. We continued to invest in core growth areas and to manage expenses, which were down 3% year over year to a level not seen since 2008.”
Key Performance Metrics:
• Return on average assets 0.78%; return on average common equity 6.5%; return on average tangible common equity 9.2%
• Book value per share increased 8% to $23.67; tangible book value per share increased 11% to $16.68
• Repurchased $1.4 billion in common stock and paid $0.5 billion in common stock dividends
