Bank of America Corp
Revenue, net of interest expense, decreased 2% year over year to $25.8 billion. Adjusted revenue declined 1.6% year over year to $25.98 billion, beating the consensus of $25.46 billion.
Segment Net income: Consumer Banking $2.66 billion (-14.5% Y/Y), Global Wealth and Investment Management $1.01 billion (+9.6% Y/Y), Global Banking $1.99 billion (-22.3% Y/Y), and Global Markets $1.79 billion (+6.6% Y/Y).
The Net interest income was $14.03 billion (-2.9% Y/Y), as higher deposit costs more than offset higher asset yields and modest loan growth. Noninterest income was $11.79 billion (-0.2% Y/Y).
Provision for credit losses $1.3 billion, compared to $931 million a year ago.
The efficiency ratio for the quarter was 67%, compared to 62% a year ago.
The bank reported a CET1 ratio of 11.8%, up 40 bps from a year ago. The book value per share of $33.71 improved by 7%.
The average loan and lease balance was $1.05 trillion (+1.0% Y/Y). Average deposits are up 0.7% Y/Y to $1.91 trillion.
Bank of America added over 1.0 million credit card accounts during the quarter.
Bank of America stock gained over 18% in the last 12 months. Investors can gain exposure to the stock via First Trust Nasdaq Bank ETF
Price Action: BAC shares are trading higher by 0.42% at $36.10 premarket on the last check Tuesday.
