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Bank of America Earnings: The Must-Read Takeaways

Robert Karr
Bank of America Earnings: The Must-Read Takeaways

Bank of America (BAC) reported a stellar 33% rise in net income in the second quarter, beating estimated EPS of $0.61 with $0.63 today. The bank posted 3% growth in adjusted revenues on net interest income growth of 6%, partially offset by a 7% decline in non-interest income. It’s the only major bank that has posted a sequential rise in EPS on higher repurchases and a marginal decline in net. The net income benefited from improved operating efficiency, investments in technology helping penetration across products, and lower taxes.