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
Permalink: http://www.me-newswire.net/news/8146/en
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
Permalink: http://www.me-newswire.net/news/8146/en
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