Bank of America Corporation today reported net income of $2.3 billion, or $0.19 per diluted share, for the second quarter of 2014, compared to net income of $4.0 billion, or $0.32 per diluted share, in the year-ago period. Revenue, net of interest expense, on an FTE basis (A) declined 4 percent from the second quarter of 2013 to $22.0 billion.
"The economy continues to strengthen, and our customers and clients are doing more business with us," said Chief Executive Officer Brian Moynihan. "Among other positive indicators, consumers are spending more, brokerage assets are up by double digits and our corporate clients are increasingly turning to us to help finance business expansion and merger activity. We are well positioned for further progress."
"During the quarter, our Basel 3 capital ratios improved and credit losses remained near historical lows," said Chief Financial Officer Bruce Thompson. "In addition, we did a good job managing expenses. Although litigation expenses were higher than the year-ago quarter, total noninterest expense, excluding litigation, declined 6 percent from the second quarter of 2013." (C)
Selected Financial Highlights
|Three Months Ended|
|(Dollars in millions, except per share data)||June 30 2014||March 312014||June 302013|
|Net interest income, FTE basis 1||$||10,226||$||10,286||$||10,771|
|Total revenue, net of interest expense, FTE basis 1||21,960||22,767||22,949|
|Provision for credit losses||411||1,009||1,211|
|Noninterest expense 2||18,541||22,238||16,018|
|Net income (loss)||$||2,291||$||(276||)||$||4,012|
|Diluted earnings (loss) per common share||$||0.19||$||(0.05||)||$||0.32|
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