Bank of America reported Q2/15 net income of $5.3 billion compared
to $2.3 billion in the year-ago period. The company noted noninterest expense of $13.8 billion was down $4.7 billion from $18.5 billion in Q2/14 which included a litigation expense of $4.0 billion versus $175 million in Q2/15.

Revenue, net of interest expense, on an FTE basis, rose $385 million, or 2%, from the second quarter of 2014 to $22.3 billion. Diluted earnings per share of $0.45 beat analysts’ estimates of $0.36 EPS.

“Solid core loan growth, higher mortgage originations and the lowest expenses since 2008 contributed to our strongest earnings in several years, as we continued to build broader and deeper relationships with our customers and clients,” said chief executive officer Brian Moynihan. “We also benefited from the improvement in the U.S. economy, where we are particularly well positioned.

The following highlights were excerpted from the news release:

• Noninterest expense declined $4.7 billion, or 25% from Q2/14 to $13.8 billion. Excluding litigation expense of $175 million Q2/15 and $4.0 billion in Q2/14, noninterest expense decreased 6% from Q2/14 to $13.6 billion.
• The bank noted that the Q2/15 net interest yield of 2.37% was up from 2.22% for the same quarter one-year ago.
• The Q2/15 provision for credit losses of $780 million was up $369 million from $411 million in Q2/14. The company said it continued to release reserves but at a slower pace than in the year-ago quarter and had a lower level of loan sale recoveries.

Access the full Bank of America news release here.