Bank of America Reports Record Quarterly Earnings of $7.3 Billion, EPS $0.74 18th Consecutive Quarter of Positive Operating Leverage 2Q19 Financial Highlights1 2Q19 Business Segment Highlights1,2 Consumer Banking • Net income rose 13% to $3.3 billion • Net income of $7.3 billion rose 8%, driven by • Loans up 6% to $296 billion continued positive operating leverage and strong • Deposits up 3% to $707 billion asset quality • Consumer investment assets up 15% to • Diluted earnings per share of $0.74 rose 17% $220 billion • Revenue, net of interest expense, of $23.1 billion • Efficiency ratio improved to 45% increased 2% • 27.8 million active mobile banking users – Net interest income (NII) rose 3% from increased interest rates and growth in loans Global Wealth and Investment • Net income rose 11% to $1.1 billion and deposits; noninterest income increased Management • Record pretax margin increased to 29% nearly 2% • Total client balances of $2.9 trillion • Net interest yield (FTE basis) of 2.44%, up • Loans up 3%; deposits up 7% 3 bps(A) • Year-to-date net new Merrill Lynch • Provision for credit losses stable at $857 million households up 45% – Net charge-off ratio remained low at 0.38% • • Noninterest expense up modestly to $13.3 Net income decreased 9% to $1.9 billion billion; efficiency ratio improved to 57% Global Banking • Firmwide investment banking fees of $1.4 billion (excludes self-led) • Average loan and lease balances in business segments rose $34 billion, or 4%, to $906 billion • No. 1 in U.S. IPOs by both volume and deals3 – Consumer and commercial loans each up 4% • Loans increased 5% to $373 billion • Average deposit balances rose $75 billion, or 6%, to $1.4 trillion • Deposits increased 12% to $363 billion • Repurchased $6.5 billion in common stock and • Sales and trading revenue of $3.2 billion, paid $1.4 billion in common dividends Global Markets including net debit valuation adjustment – Returned 112% of net income available to (DVA) losses of $31 million common shareholders • Excluding net DVA, sales and trading (B) • Book value per share increased 10% to $26.41 revenue down 10% to $3.3 billion per share – FICC down 8% to $2.1 billion(B) – Equities down 13% to $1.1 billion(B) Commentary from Chairman and CEO Brian Moynihan: “Our commitment to responsible growth resulted in the best quarter and first-half year of earnings in our company’s history. In the second quarter, we generated $7.3 billion in earnings and delivered $7.9 billion back to shareholders. Our return on assets was over 120 basis points and our return on equity was well above the firm's cost of capital. "Our view of the economy reflects the activity by the one-in-two American households we serve, which points to a steadily growing economy. We see solid consumer activity across the board, with spending by Bank of America consumers up five percent this quarter over the second quarter of last year. "Our customers gave us more of their assets to handle for them. That includes an increase of $75 billion in deposits, with $37 billion from consumers. And customers gave us more of their investment dollar, as we reached $2.9 trillion in balances. This quarter, we also regained the leading U.S. market share in lending to the important small business economy. These customers continue to engage in solid activity to build their businesses. We also see consistent borrowing and activity from our commercial and corporate clients, who are well positioned to take advantage of opportunities that arise as trade and other open issues are resolved. Importantly, we have seen improvement in our investment banking market share as we have repositioned that business." Financial Highlights Three months ended ($ in billions, except per share data) 6/30/2019 3/31/2019 6/30/2018 Total revenue, net of interest expense $23.1 $23.0 $22.5 Net income $7.3 $7.3 $6.8 Diluted earnings per share $0.74 $0.70 $0.63 Return on average assets 1.23% 1.26% 1.17% Return on average common shareholders’ equity 11.62 11.42 10.75 Return on average tangible common shareholders’ equity4 16.24 16.01 15.15 Efficiency ratio 57 57 59 See page 10 for endnotes. 1 Financial Highlights and Business Segment Highlights compare to the year-ago quarter unless noted. Loan and deposit balances are shown on an average basis unless noted. 2 The Corporation reports the results of operations of its four business segments and All Other on a fully taxable-equivalent (FTE) basis. 3 Per Dealogic as of July 1, 2019. 4 Represents a non-GAAP financial measure. For additional information, see endnote C on page 10 and reconciliation on page 18. 1

The following information was filed by Bank Of America Corp (BAC) on Wednesday, July 17, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Bank Of America Corp's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Bank Of America Corp.


Never Miss A New SEC Filing Again

Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.


We Highlighted This SEC Filing For You

SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.


Widen Your SEC Filing Reading Experience

Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view


Uncover Actionable Information Inside SEC Filings

SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q


Adobe PDF, Microsoft Word and Excel Downloads

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis


FREE Financial Statements

Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator

Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019) Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not


Financial Stability Report

Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019) Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity


Get a Better Picture of a Company's Performance

Financial Ratios
Available Financial Ratios Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years


Log in with your credentials


Forgot your details?

Create Account