No. of Recommendations: 4
Mixed bag but seems better than expected:
https://seekingalpha.com/news/3988156-bank-of-amer...'Bank of America (NYSE:BAC) Q2 earnings, posted on Tuesday, topped the consensus estimate with its Global Banking unit's results gaining both Q/Q and Y/Y. Results at Consumer Banking, Global Wealth and Investment Management, and Global Markets slipped from Q1 2023 but gained from the year-ago period.
Q2 EPS of $0.88, exceeding the average analyst estimate of $0.83, fell from $0.94 in Q1 2023 and climbed from $0.73 in Q2 2022.
Net interest income was $14.3B ((FTE basis)), vs. $14.3B Visible Alpha consensus, compared with $14.6B in the prior quarter and $12.5B in the year-ago period.
"All businesses performed well, and we saw improved market shares, particularly in sales and trading and investment banking businesses," said Chair and CEO Brian Moynihan.
Bank of America (BAC) stock rose 0.7% in Tuesday premarket trading.
Noninterest income of $11.0B vs. $10.8B Visible Alpha estimate, dropped from $11.8B in the previous quarter and rose from $10.2B a year ago.
Provision for credit losses rose to $1.13B, including a net reserve build of $256M, from $931M, including a net reserve build of $124M, in Q1 2023, and from $571M in Q2 2022.
Q2 noninterest expense of $16.0B declined from $16.2B in the prior quarter and increased from $15.3B in the year-ago period.
Return on average tangible common shareholders' equity was 15.49%, down from 17.38% in Q1 2023 but up from 14.05% in Q2 2022''
