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Bank of America (BofA), a multinational investment bank and financial services holding company, recorded a 12.6% decline in net income in the second quarter of 2022.
Multinational second-quarter net income fell from $ 7.1 billion recorded at the end of the term to $ 6.1 billion. First quarter This year’s.
The company’s expected earnings per share (EPS) also fell 9% from $ 0.80 to $ 0.73.
These details are from the holding company Earnings announcement The second quarter of 2022.
According to the company, net interest income for the quarter was up 22% to $ 12.4 billion.
BofA’s average deposits also increased by $ 123 billion (7%) to $ 2 trillion.
BofA generated $ 1.5 billion in net income from its second quarter global banking activities. This is a 11.7% decrease from the $ 1.7 billion seen in the first quarter.
Meanwhile, holding company net income from retail banking was $ 2.9 billion, down 3.3% from $ 3 billion in the first quarter.
The company said it recorded an average deposit of over $ 1 trillion, an increase of $ 99 billion or 10%.
In the second quarter, banks added 241,000 net consumer check accounts. This is a 6% increase from the first quarter with the addition of 228,000 net consumer check accounts.
“Our strong organic growth engine was once again evident in checks, consumer investments, new account openings for small and medium-sized businesses, and net new Merrill Lynch and private bank households and new commercial bank clients,” said Chairman and Chairman. CEO Brian Moinihan explained. growth.
“This solid customer activity across our business, coupled with rising interest rates, has enabled us to drive strong growth in net interest income and perform well in weakening the capital market environment,” said Moinihan. I did. “
The CEO said the franchise’s revenue increased by 6%, achieving operating leverage for the fourth consecutive quarter.
BofA’s Global Wealth and Investment Management net income was down 9% to $ 1.2 billion. It recorded $ 1.1 billion in this category in the first quarter.
The holding company posted a customer balance of $ 3.4 trillion. The balance is down 8%, or $ 286 billion. This was due to a decline in market valuation, but was partially offset by net customer flow, BofA said.
At the end of the quarter, BofA said it had $ 1.4 trillion in assets on behalf of its clients.
He added that $ 53 billion of AUM flows have been flowing in since the second quarter of last year.
BofA’s global market fell 37.5% from $ 1.6 billion in the first quarter to $ 1 billion at the end of June.
According to multinationals, sales and revenue increased 17% to $ 4.2 billion, including an increase in net debit valuation adjustments (DVA) of $ 158 million.
However, the company recorded sales and transaction revenue of $ 4.7 billion, including a net DVA profit of $ 69 million in the first quarter.
Holding companies’ fixed income currencies and commodities (FICC) also fell 7.4% to $ 2.5 billion. In the first quarter, FICC came in at $ 2.7 billion.
In addition, BofA’s equity fell 15% from $ 2 billion in the first quarter to $ 1.7 billion at the end of June.
Alastair Borthwick, Chief Financial Officer of BofA, said the franchise was able to keep costs flat until the previous quarter, despite the costs recognized for certain regulatory matters in the quarter.
Borthwick added that the last quarter included seasonally high compensation costs.
The second quarter results once again show how responsible growth strategies and diverse business models can help customers, clients, employees, shareholders, and communities in changing and difficult markets. “Borthwick said.
Bank of America (BofA), a multinational investment bank and financial services holding company, recorded a 12.6% decline in net income in the second quarter of 2022.
Multinational second-quarter net income fell from $ 7.1 billion recorded at the end of the term to $ 6.1 billion. First quarter This year’s.
The company’s expected earnings per share (EPS) also fell 9% from $ 0.80 to $ 0.73.
These details are from the holding company Earnings announcement The second quarter of 2022.
According to the company, net interest income for the quarter was up 22% to $ 12.4 billion.
BofA’s average deposits also increased by $ 123 billion (7%) to $ 2 trillion.
BofA generated $ 1.5 billion in net income from its second quarter global banking activities. This is a 11.7% decrease from the $ 1.7 billion seen in the first quarter.
Meanwhile, holding company net income from retail banking was $ 2.9 billion, down 3.3% from $ 3 billion in the first quarter.
The company said it recorded an average deposit of over $ 1 trillion, an increase of $ 99 billion or 10%.
In the second quarter, banks added 241,000 net consumer check accounts. This is a 6% increase from the first quarter with the addition of 228,000 net consumer check accounts.
“Our strong organic growth engine was once again evident in checks, consumer investments, new account openings for small and medium-sized businesses, and net new Merrill Lynch and private bank households and new commercial bank clients,” said Chairman and Chairman. CEO Brian Moinihan explained. growth.
“This solid customer activity across our business, coupled with rising interest rates, has enabled us to drive strong growth in net interest income and perform well in weakening the capital market environment,” said Moinihan. I did. “
The CEO said the franchise’s revenue increased by 6%, achieving operating leverage for the fourth consecutive quarter.
BofA’s Global Wealth and Investment Management net income was down 9% to $ 1.2 billion. It recorded $ 1.1 billion in this category in the first quarter.
The holding company posted a customer balance of $ 3.4 trillion. The balance is down 8%, or $ 286 billion. This was due to a decline in market valuation, but was partially offset by net customer flow, BofA said.
At the end of the quarter, BofA said it had $ 1.4 trillion in assets on behalf of its clients.
He added that $ 53 billion of AUM flows have been flowing in since the second quarter of last year.
BofA’s global market fell 37.5% from $ 1.6 billion in the first quarter to $ 1 billion at the end of June.
According to multinationals, sales and revenue increased 17% to $ 4.2 billion, including an increase in net debit valuation adjustments (DVA) of $ 158 million.
However, the company recorded sales and transaction revenue of $ 4.7 billion, including a net DVA profit of $ 69 million in the first quarter.
Holding companies’ fixed income currencies and commodities (FICC) also fell 7.4% to $ 2.5 billion. In the first quarter, FICC came in at $ 2.7 billion.
In addition, BofA’s equity fell 15% from $ 2 billion in the first quarter to $ 1.7 billion at the end of June.
Alastair Borthwick, Chief Financial Officer of BofA, said the franchise was able to keep costs flat until the previous quarter, despite the costs recognized for certain regulatory matters in the quarter.
Borthwick added that the last quarter included seasonally high compensation costs.
The second quarter results once again show how responsible growth strategies and diverse business models can help customers, clients, employees, shareholders, and communities in changing and difficult markets. “Borthwick said.
