Daily News: July 17, 2013

Bank of America Reports Q2 Earnings Up 63%

Bank of America reported that second-quarter 2013 net income rose 63% to $4 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 FTE basis rose 3% to $22.9 billion from $22.2 billion a year ago.

The bank said results for the quarter 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.

Commenting on credit quality, Bank of America said quality continued to improve with net credit loss rates below 1% for the first time since the second quarter of 2006. Provision for credit losses was $1.21 billion, down from $1.77 billion in the same year-ago period.

“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.”

To read the Bank of America news release click here.