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Bank Of America Q2 Profit Tops Estimates; Revenue Up 2%

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Bank of America (BAC) reported that its second-quarter earnings per share grew seventeen percent from the year-ago quarter, aided in part by the repurchase of seven percent of the company's shares in the past twelve months. Revenue, net of interest expense, increased 2%, for the quarter, but missed analysts' projection.

For the second-quarter, earnings per share was $0.74 compared to $0.63, last year. On average, 24 analysts polled by Thomson Reuters expected the company to report profit per share of $0.71 for the quarter. Analysts' estimates typically exclude special items. Book value per share increased 10% to $26.41 per share. Net income to shareholders was $7.1 billion compared to $6.5 billion, last year.

Second-quarter revenue, net of interest expense was $23.1 billion compared to $22.6 billion, a year ago. Analysts expected revenue of $23.23 billion for the quarter. Net interest income rose 3% to $12.19 billion, while non-interest income increased nearly 2% to $10.90 billion.

During the quarter, the company repurchased $6.5 billion in common stock and paid $1.4 billion in common dividends. In the next twelve months, the company plans to return $37 billion to shareholders through common dividends and share repurchases.

Average deposit balances rose 6%, to $1.4 trillion. Average loan and lease balances in business segments rose 4%, to $906 billion.

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